S&P rates Airvessel bond BBB+

Standard & Poor’s said it assigned a BBB+ long-term issue rating to a proposed bond issued by Airvessel Finance Holdings Ltd. and guaranteed by the Hong Kong branch of China Merchants Bank Co. Ltd.

The agency also said it assigned a cnA+ long-term Greater China regional scale rating to the bond.

Airvessel Finance is a special purpose company wholly owned by China Merchants Bank, S&P said.

The rating has been equalized to the counterparty credit rating on the bank, reflecting that the guarantee is irrevocable, unconditional and timely, the agency said, and qualifies for rating substitution treatment.

S&P also said it views the creditworthiness of the bank’s Hong Kong branch the same as the bank’s creditworthiness.

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