CCDG 2013 PDF

In Novembermany MG volunteers came, braved ccfg cold and rain, to dig, pot, and find temporary storage for the garden plants. Fitch believes this trend will continue in the medium-term, driven by ongoing infrastructure development in Changchun. Funding was also provided for the construction of a greenhouse for MG continuing education and for growing inexpensive vegetable starts for the local community. CCDG says the municipality closely monitors its financing plan and indebtedness and it is required to regularly report operational and financial results. These factors suggest a strong likelihood of CCDG receiving extraordinary support from the municipality, if needed.

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The Outlooks are Stable. CCDG has provided a guarantee to the notes. The assignment of the final ratings follows the receipt of documents conforming to information already received.

This is reflected in the company's full municipality ownership, strong municipal oversight of its financials and operations, integration with the municipality's general account and strategic importance of CCDG's operation with that of Changchun. These factors suggest a strong likelihood of CCDG receiving extraordinary support from the municipality, if needed.

Changchun's Weaker Fiscal Performance: Changchun's economy has been affected by the rebalancing of the national economy and experienced a downturn in The city's fiscal performance weakened following the economic downturn, especially the manufacturing industry. However, in the city's fiscal performance stabilised and it expects to receive substantial national level support under the National Development Reform Commission's northeast provinces revitalisation programme for Also fiscal transfers from upper-level government have mitigated the negative effect from the economic slowdown and moderately high tax-supported municipal debts.

The municipality uses the company to develop key infrastructure projects, ranging from primary land-development to building affordable public housing and providing water supply and sewage treatment.

CCDG has an important role in implementing the city's development blueprint, which is drawn up by the municipality. Strong Municipal Integration: The Changchun Municipality has merged its major urban development companies and water-supply company into CCDG since its establishment in Fitch believes CCDG's debt will be ultimately serviced by the municipal government via subsidies and capital injections.

Tight Control and Supervision: CCDG's board members are appointed by Changchun and the company's major projects need municipal approval. CCDG says the municipality closely monitors its financing plan and indebtedness and it is required to regularly report operational and financial results. Fitch believes this trend will continue in the medium-term, driven by ongoing infrastructure development in Changchun. Fitch expects CCDG to continue receiving subsidies or capital injections from the municipality.

A significant weakening of CCDG's strategic importance to the municipality, dilution of Changchun's shareholding or reduced municipality support may result in a downgrade. A downgrade may also stem from the municipality's weaker fiscal performance or increased indebtedness that leads to deterioration in its creditworthiness.

Additional information is available on www. Discover Thomson Reuters. Directory of sites. United States. Credit RSS.

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The Outlooks are Stable. CCDG has provided a guarantee to the notes. The assignment of the final ratings follows the receipt of documents conforming to information already received. This is reflected in the company's full municipality ownership, strong municipal oversight of its financials and operations, integration with the municipality's general account and strategic importance of CCDG's operation with that of Changchun. These factors suggest a strong likelihood of CCDG receiving extraordinary support from the municipality, if needed.

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