S&P rates China Development notes AA-

Standard & Poor's said it assigned AA- long-term and A-1+ short-term ratings to offshore debt issuance program by China Development Bank Corp.

S&P also said it assigned a cnAAA long-term and cnA-1+ short-term Greater China regional scale ratings to the program.

The agency also said it assigned AA- long-term issue ratings and cnAAA long-term Greater China regional scale ratings to three issuances of senior unsecured notes totaling RMB 4.5 billion under the program.

The bank may issue renminbi-denominated senior unsecured notes up to an aggregate amount of RMB 7 billion under the program.

The agency said it equalized the program and issue ratings to the counterparty credit ratings on the bank. The notes issued under the program will constitute direct, unconditional, unsubordinated and unsecured obligations of the bank, S&P said.

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