is wholly owned by Changchun's State-owned Assets Supervision and Administration Commission (SASAC) and under the overall supervision of the Changchun municipal government.
Support Track Record and Expectations 'Strong': The Changchun municipal government has injected the city's major urban development companies and water utility company into CCDG since it was established in 2013.
Social-Political Implications of GRE Default 'Moderate': CCDG is the largest integrated platform and strategic arm of the Changchun municipality, which uses the company to develop key municipal infrastructure projects, including primary land development, and to provide essential public services, such as water supply and sewage treatment.
Financial Implications of GRE Default 'Very Strong': CCDG is also the municipality's flagship for economic and infrastructural development and accounts for over 70% of state assets under the municipal SASAC.
She was made chief executive of CCDG
a decade later and management hopes to have her full-time replacement in post shortly.
CCDG says that the proceeds from the issuance will be used for the operation of certain subsidiaries of CCDG, potential acquisitions, and general corporate purposes.
CCDG will provide an unconditional and irrevocable guarantee.
The bonds are rated at the same level as CCDG's Issuer Default Rating (IDR), as the guarantee structure transfers the ultimate responsibility of payment to CCDG.
Speaking at the launch of Careers Wales' Service Delivery Report, Mr Cuthbert said: "We are on course for the transfer of CCDG to become a wholly owned subsidiary company of the Welsh Government - in effect, making CCDG a delivery arm of the Welsh Government.
"I would like to thank Phil Westwood for his leadership of the board during this unprecedented period; to Trina Neilson (chief executive) and CCDG senior management for managing the transition - and particularly to all the Careers Wales staff who have continued to deliver effective services professionally as demonstrated in the Service Delivery Report.
"In view of the change of status of CCDG, I will be seeking a publicly-appointed chair for the new organisation.
The Welsh Government has received backing from the CCDG
board to explore its options and begin a due diligence exercise.