Fitch Ratings has withdrawn the 'BBB-' rating on Chindata Group Holdings Limited's (BBB-/Stable) proposed US dollar senior unsecured notes.

Fitch is withdrawing Chindata's bond rating because the bonds were not issued.

Key Rating Drivers

Key rating drivers do not apply, as the bond rating has been withdrawn.

RATING SENSITIVITIES

Not applicable as the rating has been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Date of Relevant Committee

22 July 2022

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Data Limitations, Customer Concentration: ByteDance, Chindata's principal tenant, accounting for 83% of total revenue in 2021, is a private company for which we do not have detailed financial information. However, we believe that the risk of ByteDance defaulting on its obligations to Chindata is limited because: ByteDance is a successful, fast-growing company with strong brands, product portfolio and market positions, and a large, loyal monetisable user-base rivalling many established peers; and Chindata's data centre services are essential to Bytedance's operations.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

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