S&P assigns China Development notes A+

S&P said it assigned its A+ long-term issue rating to the planned three-year U.S. dollar and euro-denominated drawdowns by China Development Bank from its $30 billion debt issuance program, rated A+.

“The senior unsecured notes constitute direct and unconditional obligations of CDB. We therefore equalize the issue rating on the notes with the long-term issuer credit rating on the bank (A+/stable/A-1),” the agency said in a press release.

The bank intends to use the proceeds for working capital and general corporate purposes.

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