Core Viewpoint - Fitch Ratings has assigned a "BBB+" rating with a stable outlook to the offshore RMB senior unsecured bonds proposed by Zhengzhou Urban Development Group Co., Ltd. [2] Group 1: Bond Issuance - The funds raised from the proposed bond issuance will be used to repay the group's offshore debts [3] - The proposed bonds will constitute direct, unconditional, non-subordinated, and unsecured debt of Zhengzhou Urban Development Group, ranking equally with all other unsecured and non-subordinated debts [4] Group 2: Rating Drivers - The rating reflects the government's decision-making, oversight, and historical support for Zhengzhou Urban Development Group, as well as the continuity of its policy functions and the potential spillover risks of default [5] - The independent credit profile (SCP) of Zhengzhou Urban Development Group is assessed as "b," with its net adjusted debt/EBITDA comparable to industry averages [5] Group 3: Rating Sensitivity - Negative rating actions may occur if Fitch downgrades its view on the Zhengzhou government's ability to provide subsidies or other legal resources to Zhengzhou Urban Development Group, or if the overall support score deteriorates to 25 or below [6] - Positive rating actions may occur if Fitch upgrades its view on the Zhengzhou government's ability to provide support, or if the support score improves to 35 or above [7] Group 4: Company Overview - Zhengzhou Urban Development Group is a core government-related entity in Zhengzhou, Henan Province, primarily engaged in primary land development, infrastructure construction, and the operation and maintenance of public assets and community facilities, including rental housing, directly managed by the municipal government [9]