S&P gives Yihua notes B-

S&P said it assigned a B- long-term issue rating to the proposed issue of dollar-denominated senior unsecured notes by Yihua Overseas Investment Ltd.

Yihua Enterprise (Group) Co. Ltd. (B/stable/--) will guarantee the notes.

The group intends to use a substantial portion of the net proceeds to refinance existing borrowings and replenish its working capital.

“We rate the proposed senior unsecured notes one notch below the corporate credit rating on Yihua group because the notes rank behind a significant amount of secured debt and debt issued by subsidiaries in the capital structure,” S&P said in a news release.

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