Core Viewpoint - The announcement from China Chengxin International indicates the termination of the credit rating for Qinhuangdao Urban Development Investment Holding Group Co., Ltd. while maintaining the credit ratings for the related bond and guarantor [1][2]. Group 1 - Qinhuangdao Urban Development Investment Holding Group Co., Ltd. had its credit rating maintained at AA with a stable outlook as of June 30, 2025 [1]. - The bond "23 Qinfa 01" is backed by China Zhengxin Credit Financing Guarantee Co., Ltd., which holds a AAA credit rating and a stable outlook [1]. - The termination of the credit rating does not affect the ratings of the bond or its guarantor, which remain AAA [2]. Group 2 - The company decided to terminate the credit rating cooperation with China Chengxin International, stating that its operations are normal [2]. - Following the termination notice, the credit rating results for Qinhuangdao Urban Development Investment Holding Group Co., Ltd. will become invalid and will not be updated [2].