S&P rates China EXIM notes AA-

S&P said it assigned AA- long-term and A-1+ short-term issue ratings to the proposed $27 billion medium-term notes program by Export-Import Bank of China (China EXIM).

The agency also said it assigned cnAAA long-term and cnA-1+ short-term Greater China regional scale ratings to the program.

S&P also said it assigned an AA- long-term issue rating and cnAAA Greater China regional scale rating to the benchmark-sized senior unsecured notes under this program, which the bank proposes to issue.

The notes will be denominated in U.S. dollars and euros, the agency said.

S&P also said it equalized the ratings with the long-term and short-term counterparty credit ratings on the bank.

All notes issued under the program will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer, the agency noted.

They will rank pari passu without any preference among themselves and at least equally with all other unsecured and unsubordinated public external indebtedness of China EXIM, S&P said.

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