S&P: Ocean Wealth notes BBB+

S&P said it assigned a BBB+ long-term issuer credit rating and cnA+ Greater China regional scale rating to the proposed RMB 850 million loan participation notes by Ocean Wealth II Ltd., a Cayman-based stand-alone special purpose vehicle.

The notes are issued on a limited recourse and non-petition basis to finance a loan to Long Profit Group Ltd.

The ratings on the notes are subject to a review of the final issuance documentation, S&P said.

The rating on the notes reflects the credit quality of China Orient Asset Management (International) Holding Ltd. (Coami), which guarantees the repayment of interest and principal under the loan, the agency said.

The structure of the loan participation notes transaction requires Ocean Wealth II to pass through payments received from the borrower and guarantor to the noteholders, S&P explained.

The guarantees by Coami are irrevocable, unconditional and timely, the agency said, which qualify them for rating-substitution treatment.

The guarantees on the loan shall at all times rank equally with all Coami’s other present and future unsecured and unsubordinated obligations, S&P added.

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