S&P assigns Fujian Yango notes B-

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

The notes will be guaranteed by Fujian Yango.

“We rate the proposed senior unsecured notes one notch below the issuer credit rating on Fujian Yango to reflect substantial structural subordination risk,” said S&P in a press release.

Proceeds are expected to be used to refinance debt.

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