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WCDI is the flagship GRE in Wuxi and has a solid record of support from the government.
Socio-Political Implications 'Moderate': WCDI is the main GRE in Wuxi that carries out urban infrastructure construction in the city.
Financial Implications 'Very Strong': WCDI is the major GRE in Wuxi and it has substantial borrowings from banks and capital markets.
Standalone Credit Profile: WCDI's standalone credit profile is constrained by its high debt leverage, with debt/EBITDA at around 42x at end-2017.
Notes Rated at WCDI's IDR: The US dollar senior unsecured notes are issued by Xihui Haiwai I, and are unconditionally and irrevocably guaranteed by Xihui International Co., Limited (Xihui International), a wholly owned subsidiary of WCDI.
The notes are rated at the same level as WCDI's IDRs, given the strong link between Xihui International and WCDI, and because the keepwell and liquidity support deed and deed of equity interest purchase undertaking transfer the ultimate responsibility of payment to WCDI.
The ratings on WCDI could change if Fitch revises its perception of Wuxi Municipality's ability to provide subsidies, grants or other legitimate resources allowed under the policies and regulations.
An increase in incentive for Wuxi Municipality to provide support to WCDI, including stronger socio-political and financial implications of a default by WCDI and a stronger track record of support, may trigger positive rating action on WCDI.
An improvement or deterioration of the standalone credit profile or the liquidity position of WCDI would also affect the ratings.
Any change in WCDI's IDR will result in a similar change in the rating of the notes.
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