S&P rates IFC notes A

S&P said it assigned its A long-term issue rating to the Hong Kong dollar-denominated senior unsecured notes that IFC Development (Corp. Treasury) Ltd. will issue. The notes are guaranteed by the A rated IFC Development Ltd.

IFC will use the proceeds mainly to refinance borrowings.

“We rate the notes the same as the issuer credit rating on IFC, given that we do not view the company's capital structure as having any structural or contractual subordination risks. As of June 30, 2019, IFC's capital structure consisted of about HK $17.3 billion of unsecured debt and no secured debt, therefore not leaving senior unsecured debtholders at a disadvantage,” said S&P in a press release.

The outlook is stable.

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