S&P gives CSSC notes A-

S&P said it assigned its A- long-term issue rating to the planned senior unsecured fixed-rate bond guaranteed by CSSC (Hong Kong) Shipping Co. Ltd. CSSC Capital 2015 Ltd., a special-purpose company wholly owned by CSSC HK, will issue the bond.

CSSC HK will guarantee the proposed bond. “We equalize the rating on the bond with the issuer credit rating on CSSC HK to reflect our view that the guarantee is irrevocable and unconditional. We also consider the guarantee as one for timely payment and, therefore, the guarantee qualifies for rating substitution treatment,” S&P said in a press release.

The proceeds will be used primarily to finance or refinance expenditure on eligible green and blue projects, refinance the group's debt, and for general corporate purposes.

The outlook is stable.

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