...November 29, 2020 - We view Yangzhou Economic and Technological Development Zone Development Corp. (YETDZ Dev. Corp.) as the dominant infrastructure platform in Yangzhou's economic and technological development zone (ETDZ). Its increased on-lending to local state-owned enterprises (SOEs) at negative interest margin are primarily driven by the Yangzhou government's goal to uplift infrastructure investments and should receive strong government support. - We anticipate the company's likelihood of receiving extraordinary support from the local government to remain extremely high. - We are therefore affirming our '##+' long-term issuer credit rating on YETDZ Dev. Corp. - The negative outlook reflects the increased likelihood that Yangzhou's budgetary position and debt burden will continue to deteriorate. SINGAPORE (S&P Global Ratings) Nov. 30, 2020--S&P Global Ratings today took the rating actions listed above. We believe YETDZ Dev. Corp.'s credit profile will continue to benefit from an extremely...
