S&P rates Fujian Yango notes B-

S&P said it assigned its B- long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes by Yango (Cayman) Investment Ltd., a subsidiary of Fujian Yango Group Co. Ltd. (Fujian Yango).

Fujian Yango irrevocably and unconditionally guarantees the notes.

S&P said it rates the proposed notes one notch below the issuer credit rating on Fujian Yango (B/stable/--) to reflect substantial structural subordination risk.

“We believe the proposed notes issuance will ease Fujian Yango's stand-alone short-term refinancing needs. We also expect the company to continue to be prudent in non-property acquisitions and control debt at its level,” S&P said in a news release.

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