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S&P ups Yingde Gases, rates notes B
S&P said it raised its long-term corporate credit rating on Yingde Gases Group Co. Ltd. to B from CCC+. The outlook is stable.
S&P also raised the issue rating on the company's guaranteed senior unsecured notes due in 2018 and 2020 to B from CCC and removed all the ratings from CreditWatch, where they were placed with positive implications on Jan. 3.
At the same time, S&P said it assigned a B long-term issue rating to Yingde's guaranteed US$500 million five-year senior unsecured notes due 2023, which are issued by Yingde Gases Investment Ltd.
“We upgraded Yingde because we expect the new notes issuance to stabilize the company's liquidity position over the next 12 months. Yingde will use the notes proceeds to refinance its outstanding US$391 million notes due in April 2018 and other offshore debt,” S&P said in a news release.
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