S&P rates China Cinda Finance bond BBB+

Standard & Poor's said it assigned its BBB+ long-term issue rating and cnA+ long-term Greater China regional scale rating to a bond issuance of $1.5 billion by China Cinda Finance (2014) Ltd.

China Cinda is a special purpose company wholly owned by Well Kent International Investment Co. Ltd. (BBB+/stable/A-2; cnA+/cnA-1), which unconditionally and irrevocably guarantees the bond.

The ratings have been equalized to the long-term counterparty credit rating on Well Kent to reflect S&P's view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment.

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