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Any rating action on CQNA's Issuer Default Rating would result in similar rating action on the proposed US dollar notes.
CQNA is registered as a local state-owned limited liability company under Chinese company law and is under the direct supervision of Chongqing Nan'an State-Owned Assets Supervision and Administration Commission.
Socio-Political Default Implications 'Moderate': CQNA is designated as the primary development arm in Nan'an district; one of the nine core districts in Chongqing.
Financial Default Implications 'Strong': CQNA has been devoted to developing Chongqing, particularly Nan'an district, as one of the region's flagship functional GREs.
Financial Profile 'Weak': CQNA's standalone rating is at its maximum 'B' category, considering its negative free cash flow and high leverage.
Stronger or weaker ongoing support and an improvement or deterioration of CQNA's standalone credit profile or liquidity position.
In contrast, a significant weakening of CQNA's socio-political and financial implications and record to the municipality, or a dilution of the government's shareholding, may result in a downgrade.
Any rating action on CQNA would lead to similar action on its US dollar notes.
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