'Moderate' Socio-Political Implications: BHCIG is the flagship GRE within Binhai and plays an important role in its urban development, including the construction and operation of key infrastructure projects, such as roads, expressways and metros.
'Very Strong' Financial Implications: BHCIG was ranked third by total assets among entities controlled by Tianjin SASAC.
'B' Category Standalone Credit Profile: Fitch assesses BHCIG's financial profile as weak, considering its structural negative free cash flow and very high leverage.
Stronger socio-political implications and record of support, enhancing Tianjin municipality's incentive to provide legitimate support, may trigger positive rating action on BHCIG. In contrast, a significant weakening of BHCIG's socio-political implications and support record by the municipality, or a dilution of the government's shareholding, may result in a downgrade.