S&P: Ocean Wealth notes BBB+

S&P said it assigned a BBB+ long-term issue credit rating and cnA+ Greater China regional scale rating to the proposed issuance of 632 million in Chinese renminbi in loan participation notes (LPN) by Ocean Wealth II Ltd., a stand-alone special purpose vehicle.

The notes are issued on a limited recourse and non-petition basis to finance a loan to Richtex Holdings Ltd., a British Virgin Island-incorporated company.

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 transaction structure requires Ocean Wealth II to pass through payments received from the borrower/guarantor to the noteholders, S&P said.

The guarantees on the loan by Coami are irrevocable, unconditional and timely and qualify for rating substitution treatment, the agency said.

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 said.

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