Core Viewpoint - Ningbo Tongshang Holding Group Co., Ltd. has been assigned an "AAA" rating by China Chengxin International, reflecting its strong creditworthiness supported by its strategic importance and diversified business operations [1][2]. Group 1 - The political and economic significance of Ningbo City contributes to the strong financial strength of the company, which ranks among the top in the province [1]. - The company has a diversified business portfolio, including engineering construction, toll bridge operations, natural gas supply, water supply and sewage treatment, commodity trading, real estate, and investment [2]. - In 2024 and the first quarter of 2025, the company's operating revenues were 84.944 billion and 17.770 billion respectively [2]. Group 2 - The company was originally established as a state-owned enterprise by the Ningbo Municipal Government's State-owned Assets Supervision and Administration Commission and was restructured into a company in 2006 [2]. - In June 2023, the company was renamed from "Ningbo Tongshang Group Co., Ltd." to its current name as part of a reform initiative by the Ningbo State-owned Assets Supervision and Administration Commission [2]. - China Chengxin International anticipates that the credit level of Ningbo Tongshang Holding Group will remain stable over the next 12 to 18 months [2].