S&P: Cheil Jedang bond AA-

Standard & Poor’s said it assigned an AA- rating to a proposed guaranteed senior unsecured bond issuance by PT Cheil Jedang Indonesia.

The issuance is guaranteed by Korea Development Bank, S&P said.

The equalization of the bond rating with the rating on the bank reflects the guarantees that are irrevocable, unconditional and ensure timely payment, the agency said. Therefore, the bond qualifies for rating substitution treatment, the agency added.

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