Core Viewpoint - Qingdao Urban Development Group Co., Ltd. (referred to as "Qingdao Chengfa") has decided to terminate its cooperation with China Chengxin International Credit Rating Co., Ltd. for credit rating services, which will affect its credit ratings and related debt instruments [2]. Group 1 - On July 24, 2025, China Chengxin International announced the termination of credit ratings for Qingdao Chengfa and its debt instrument "22 Qingdao Chengfa MTN001" [1]. - The last credit rating report issued on July 26, 2024, maintained Qingdao Chengfa's individual credit status (BCA) at 'a' and the credit rating for "22 Qingdao Chengfa MTN001" at 'AA' with a stable outlook [1]. - The external support for Qingdao Chengfa was based on the strong economic and fiscal strength of Qingdao City, its monopoly in public housing operations, and significant government support since its establishment [1]. Group 2 - On July 21, 2025, Qingdao Chengfa sent a notice to China Chengxin International to terminate their rating cooperation, stating that it would no longer provide materials for credit rating updates [2]. - Following the notice, China Chengxin International's credit rating results for Qingdao Chengfa and "22 Qingdao Chengfa MTN001" will become invalid and will not be updated [2].