ZGC Group Received Grade A of Quasi-Sovereign Rating
After over one year’s preparation, Fitch Rating, an international rating agency, recently publicized the rating of ZGC Group as grade A of quasi-sovereign, marking that the Group have made a historic breakthrough in the international capital market and reached a new height in terms of internationalization.
The tasks of international credit rating agencies are to investigate, review, compare, measure and evaluate the ability and creditworthiness of enterprises to honor its economic commitments. Fitch, as one of the three leading international rating agencies, gives distinctly differentiated ratings that is widely trusted by international investors.
At present, Fitch gives China a sovereign rating of A+. This time the Group received from Fitch a rating of A that is only one-grade below China’s sovereign rating and highly ranked among China’s state-owned enterprises.
ZGC Group formally started the application for the international rating in 2019. The A-grade international rating confirms the high recognition of the Group by the international capital market, helping us establish a good credit image worldwide. It may reduce the integrated costs of bond issuance and offer access to global financing markets. As a result, the rating will provide important and far-reaching support for Beijing to build a national sci-tech innovation center with global influence and for Zhongguancun to advance its strategic plan of internationalization.
ZGC Group has already started the roadshows for the dollar-denominated bonds offering in London, Singapore and Hong Kong concurrently. The Group will begin its initial public offering of dollar-denominated bonds in the near future.
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