S&P rates Oceanwide notes B

Standard & Poor’s said it assigned a B long-term issue rating and cnB+ long-term Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes that Oceanwide Holdings Co. Ltd. and offshore subsidiary China Oceanwide Group Ltd. will guarantee.

Oceanwide’s fully owned special-purpose vehicle Oceanwide Holdings International 2015 Co. Ltd. will issue the notes.

The proceeds will be used for overseas general corporate purposes, including the development of a project located in the United States, S&P said.

The ratings on the notes are the same as the ratings on Oceanwide because the company unconditionally and irrevocably guarantees the notes, the agency said.

Oceanwide’s payment obligations under the guarantee will rank at least equally with all its other present and future unsecured and unsubordinated obligations, S&P said.

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