巴黎人娱乐城

Rating Derivation: 巴黎人娱乐城 views Meixihu Investment (Changsha) Co., Ltd. (MXH) as a subsidiary of government-related entity, Hunan XiangJiang New Area Development Group Co., Ltd. (XiangJiang Group, BBB/Stable) and has assessed MXH’s ratings under our Parent and Subsidiary Linkage Rating Criteria. MXH’s ‘b’ Standalone Credit Profile is assessed under our Public Sector, Revenue-Supported Entities Rating Criteria. Stronger Parent: XiangJiang Group’s credit profile is much stronger than that of MXH. 'High’ Legal Incentive: The parent has consistently provided guarantees to MXH in the past, with guarantees from the parent covering over 50% of MXH’s debt from 2019 to 1H23. XiangJiang Group has stated that it will continue to provide guarantees to MXH while the subsidiary is rated to ensure that the ratio remains at over 50%. The cross-acceleration clause in documentation for the group’s offshore bond covers its subsidiaries, including MXH, but the offshore bond accounts for a small 5.0% of the group’s total debt.