S&P gives Anqing Shengtang notes A

S&P said it gave an A rating to Anqing Shengtang Investment Holdings Group Co. Ltd.'s planned renminbi-denominated credit-enhanced bonds.

The bonds will be backed by a renminbi-denominated single-draw irrevocable standby letter of credit from the Anhui provincial branch of Industrial and Commercial Bank of China Ltd., rated A by S&P.

“We equalize the issue rating on the bonds with the issuer credit rating on ICBC. This reflects our view that the standby letter of credit will provide adequate and timely coverage of repayment of the bonds,” S&P said in a statement.

The issuer will use the proceeds for project construction and to replenish working capital.

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