Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Core Viewpoints - The successful issuance of the first panda bond in Latin America and Brazil by Suzano Group is a milestone in China - Brazil economic and trade exchanges, which is expected to attract more Brazilian entities to participate in the panda bond market [1][4]. - Zhongchengxin International rated Suzano Group's entities and the panda bond as AAA with a stable outlook, considering its strong business strength, profitability, and solvency, while also paying attention to some influencing factors [2]. - Zhongchengxin International upgraded Brazil's sovereign credit rating from BBg to BB+g in April 2024, and the Brazilian economy shows certain resilience and development potential in the medium - long term [3]. 3) Summary by Related Content A. Panda Bond Issuance - On November 15, 2024, "24 Suzano GN001BC" was successfully issued, raising RMB 1.2 billion with a coupon rate of 2.8%. It is the first panda bond issued in Latin America and Brazil [1]. B. Credit Rating of Suzano Group - Zhongchengxin International rated the issuer Suzano International Financial Co., Ltd. and the guarantor Suzano S.A. with a AAA credit rating and a stable outlook, and also rated the panda bond "24 Suzano GN001BC" as AAA [2]. - Suzano Group has a complete R & D system, integrated industry chain, high raw material self - sufficiency rate, low production cost, strong profitability, and good solvency [2]. C. Brazil's Economic Situation and Sovereign Credit Rating - In April 2024, Zhongchengxin International upgraded Brazil's sovereign credit rating from BBg to BB+g with a stable outlook [3]. - Brazil's economy showed strong resilience in 2023 and 2024, but may slow down in 2025. In the medium - long term, relevant plans and tax reforms are expected to promote economic transformation and upgrading [3]. D. China - Brazil Economic and Trade Relations - China is Brazil's largest trading partner, and bilateral trade exceeded $180 billion in 2023. China's cumulative investment in Brazil has exceeded $70 billion [4]. - The successful issuance of Suzano Group's panda bond deepens China - Brazil cooperation in the financial field and promotes the participation of Brazilian entities in the panda bond market [4]. E. Zhongchengxin International's Market Position and International Cooperation - Zhongchengxin International has an absolute advantage in the public - issuance market of panda bond ratings, with a long - term market share of over 50% and has underwritten multiple first - of - its - kind panda bonds [5]. - Zhongchengxin International actively participates in BRICS rating cooperation, serving as the Chinese contact chair of the credit rating group of the BRICS Business Council Financial Services Working Group since 2024 [6].