S&P rates China Development notes A+

S&P said it assigned an A+ long-term issue ratings to the planned five-year Chinese renminbi-denominated and two-year Hong Kong dollar-denominated drawdowns by China Development Bank Hong Kong Branch from China Development Bank's $30 billion debt issuance program.

“The senior unsecured notes constitute direct and unconditional obligations of CDB. We therefore equalize the issue ratings on the notes with the long-term issuer credit rating on CDB,” S&P said in a press release.

China Development Bank Hong Kong Branch intends to use the proceeds for working capital and general corporate purposes.

The outlook is stable.

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