S&P rates CAR renminbi notes BB

S&P said it assigned its BB long-term issue rating to a proposed issuance of offshore Chinese renminbi-denominated senior unsecured notes by CAR Inc. (BB/stable/--).

“We equalize the rating on the proposed notes with the corporate credit rating on CAR because we view the subordination risk to be limited. We expect the company's priority debt to be below 50% of the group's total consolidated debt at the end of 2017,” S&P said in a news release.

“We believe the issuance will not materially affect CAR's leverage and interest coverage.”

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