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Legal Status - Mid-Range: JCDI is incorporated under China's commercial laws, is subject to bankruptcy and its debt will not automatically be transferred to the government in case of dissolution.
Strategic Importance - Strong: JCDI is an important local government financing vehicle that the Jiaxing government uses to provide many public services to the city, including natural gas distribution, urban infrastructure construction, water supply and transportation development in several district-level regions, shanty town redevelopment and primary land development.
Integration - Mid-Range: JCDI has received government capital injections and operating subsidies from Jiaxing Municipality.
Control and Oversight - Stronger: JCDI is wholly owned and directly controlled by the Jiaxing government.
Weak Standalone: JCDI's standalone credit profile is constrained by the public-service nature of its business.
A stronger or more explicit support commitment from the Jiaxing municipal government may trigger positive rating action on JCDI. An upgrade of Fitch's internal credit view on Jiaxing may also trigger positive rating action on JCDI.
Significant weakening of JCDI's strategic importance to Jiaxing, dilution of the government's shareholding, and/or reduced municipality support, may result in a downgrade.
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