S&P rates Fujian Yango notes B-

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

“We rate the proposed senior unsecured notes one notch below the issuer credit rating on Fujian Yango to reflect structural subordination risk. As of June 30, 2020, Fujian Yango's capital structure consisted of about Chinese renminbi (RMB) 81.5 billion in secured debt and RMB 61.9 billion in unsecured debt (external guarantee included). As such, the secured debt ratio of about 57% is above our notching threshold of 50%,” the agency said in a press release.

Fujian Yango intends to use the proceeds mainly to refinance its offshore senior notes maturities due in the next six months.

The outlook is stable.

© 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.