...April 5, 2022 HONG KONG (S&P Global Ratings) April 6, 2022--S&P Global Ratings today assigned its '##+' long-term issue rating to the U.S. dollar-denominated senior unsecured bonds proposed by Yangzhou Economic and Technological Development Zone Development (Group) Co. Ltd. (YETDZ Dev. Group; ##+/Stable/--). The issue rating is subject to our review of the final issuance documentation. YETDZ Dev. Group intends to use the net proceeds of the proposed notes to refinance existing indebtedness in accordance with the Green Finance Framework. The company, a Yangzhou-based local government financing vehicle (LGFV), is responsible for municipal construction, primary land development, and resettlement housing. We equalize the issue rating on the proposed bonds with the issuer credit rating on YETDZ Dev. Group. This is because the ratio of the company's consolidated secured debt and subsidiaries' unsecured debt (including guarantees provided to other state-owned enterprises in Yangzhou) is 30.7%...
