...August 30, 2021 - We believe stronger central management and discipline among China's local and regional governments (LRGs) will mean extraordinary support for government-related entities (GREs) becoming increasingly selective, including under a financial distress scenario. This is despite the improving debt-servicing and credit quality of Chinese local governments. - In our view, the creditworthiness of Shandong Gold Group Co. Ltd. (SDG) and Shandong Zhaojin Group Co. Ltd. (Zhaojin Mining Industry Co. Ltd.'s parent) will remain intact following our review of the credit profile of the LRGs'. The two companies should remain major players in China's gold mining industry and have a high likelihood of receiving extraordinary government support in case of financial distress. - We revised downward Zhaojin Group's likelihood of receiving extraordinary government support to high, because support is likely to become increasingly selective for the local government's GREs. - On Aug. 31, 2021, S&P...
