S&P gives Yango notes B-

S&P said it assigned a B- long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Yango Justice International Ltd., a subsidiary of Yango Group Co. Ltd. (B/stable/--).

The parent unconditionally guarantees the notes.

The majority of the proceeds will be used to refinance its existing debt.

The agency said the senior unsecured notes are rated one notch lower than the issuer rating because of subordination risk. The proposed notes will rank behind a significant amount of secured debt in the capital structure.

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