S&P assigns China Development notes A+

S&P said it gave its A+ long-term issue ratings to the proposed three-year U.S. dollar and two-year Hong Kong dollar-denominated drawdowns by China Development Bank Hong Kong Branch. The notes are a part of China Development Bank’s $30 billion debt issuance program.

“We, therefore, equalize the issue ratings on the notes with the long-term issuer credit rating on CDB. In addition, the notes will at all times rank equally among themselves and at least equal with all other existing and future outstanding unsubordinated and unsecured obligations of CDB (except for any statutory preference or priority applicable in the winding-up of the bank),” S&P said in a press release.

The branch intends to use the proceeds for working capital and general corporate purposes.

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