S&P rates Midea notes A

S&P said it assigned an A long-term issue credit rating to Midea Investment Development Co. Ltd.'s planned dollar-denominated senior unsecured notes. The issuer is an indirect and wholly owned subsidiary of Midea Group Co. Ltd., which will guarantee the notes.

“We rate the notes the same as the issuer credit rating on Midea, after taking into account minimal subordination risk in the company's capital structure. As of June 30, 2021, Midea's capital structure consisted of about Chinese renminbi 65 billion in bank borrowings and bonds, of which 2% were secured,” S&P said in a press release.

Midea will use proceeds to finance and refinance eligible green assets and projects, under the company's green framework and relevant National Development and Reform Commission and State Administration of Foreign Exchange (SAFE) rules.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.