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S&P rates China Jinmao perpetuals BB
S&P said it assigned its BB long-term issue rating to proposed U.S. dollar-denominated subordinated perpetual securities that Franshion Brilliant Ltd. will issue. China Jinmao Holdings Group Ltd. (BBB-/stable/--) guarantees the securities.
China Jinmao intends to use the proceeds for refinancing bank loans due in 2018 and other general corporate purposes.
“The ratings on China Jinmao and its outstanding senior notes are not affected as we expect the company's leverage will remain under control,” S&P said in a news release.
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