S&P rates Citic Securities notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the proposed drawdown of senior unsecured notes from the US$3 billion medium-term note program of Citic Securities Finance MTN Co. Ltd., guaranteed by Citic Securities Co. Ltd. (Citics: BBB+/stable/A-2).

The net proceeds from the issue of the notes will be used by the issuer for on-lending to the members of the Citic group for general corporate purposes, including business operations, adjustments to corporate debt structure, working capital and project finance purposes as permitted under applicable laws, S&P said in a news release.

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