S&P assigned Vanke notes BBB

S&P said it assigned its BBB long-term issue rating to a proposed drawdown under the $9.5 billion medium-term notes program of Vanke Real Estate (Hong Kong) Co. Ltd. Vanke HK is the key offshore financing subsidiary of China Vanke Co. Ltd., which plans to use the proceeds to refinance its existing debt.

“We equalize the rating on the senior unsecured notes with the issuer credit rating on Vanke HK, due to a lack of significant secured or subsidiary debt to cause subordination risk,” S&P said in a press release.

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