S&P rates eHi Car notes B

S&P said it rated eHi Car Services Ltd.’s planned dollar-denominated senior unsecured notes B.

The agency also affirmed its B ratings on the company and its outstanding U.S.-dollar-denominated debt.

The company intends to use most of the proceeds to refinance its $400 million of U.S. dollar notes due 2022 through a tender. “We expect a significant portion of the 2022 bullet maturity to be extended to 2024 as a result,” S&P said in a press release.

The outlook is stable.

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