S&P rates Yanzhou Coal notes BB

S&P said it affirmed its BB long-term issuer credit rating on Yanzhou Coal Mining Co. Ltd. The outlook is stable.

S&P also affirmed its BB long-term issue rating on the US$550 million senior unsecured notes the coal producer guarantees, and the BB- rating on its guaranteed US$500 million senior unsecured perpetual securities.

At the same time, S&P said it assigned a BB long-term issue rating on the proposed U.S. dollar-denominated senior unsecured notes to be issued by Yancoal International Resources Development Co. Ltd. and guaranteed by Yanzhou Coal.

“Our rating on Yanzhou Coal reflects our expectation the company will remain a core subsidiary of Yankuang Group. We believe Yanzhou Coal will receive timely and sufficient support from Yankuang Group in case of need. We therefore equalize the rating on the company with the credit profile of Yankuang Group,” S&P said in a news release.

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