S&P rates China Cinda Finance notes A-

S&P said it assigned an A- long-term issue rating to a proposed drawdown by China Cinda Finance (2017) I Ltd. from its medium-term notes program.

The issuer is a special-purpose company directly and wholly owned by China Cinda (HK) Holdings Co. Ltd., the guarantor of issuances under the program.

The ratings reflect that the guarantee on the notes is irrevocable, unconditional and timely, S&P said, and therefore qualifies for rating substitution treatment.

These obligations rank equally with all other unsecured and unsubordinated obligations of Cinda HK, the agency added.

The proceeds will be used for working capital, investment and other general corporate purposes, S&P said.

© 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.