Yangzhou Economic and Technological Development Zone Development (Group) Co. Ltd. (YETDZ Dev. Group) will maintain its close links with the government as it contributes to the city's industrial transformation and upgrades. Greater clarity on the company's strategy and role has lowered its transition risk, in our view. We continue to see an extremely high likelihood of extraordinary government support for the company when needed. We raised our long-term issuer credit rating on YETDZ Dev. Group to 'BBB-' from 'BB+'. The stable rating outlook reflects our expectation of a stable credit profile for the Yangzhou municipal government over the next 24 months. We upgraded YETDZ Dev. Group on greater clarity of the company's links with the government as it transforms into
