S&P assigns Huatai notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the planned U.S. dollar-denominated senior unsecured bonds that Huatai Securities Co. Ltd. will guarantee. The issuer is Pioneer Reward Ltd., which is a special-purpose corporation for issuances and is indirectly wholly owned by Huatai Securities.

“We equalize the rating on the bonds with the issuer credit rating on China-based Huatai Securities to reflect our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment,” S&P said in a press release.

The outlook is stable.

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