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S&P assigns CSC Financial notes BBB+
S&P said it gave BBB+ local-currency issue ratings to the planned renminbi-denominated two- and three-year senior unsecured notes that CSC Financial Co. Ltd. will guarantee and sell through its subsidiary CSCIF Asia Ltd. The agency also rated the issuer’s $3 billion medium-term note program BBB+.
“The ratings on the MTN program and the two issuances reflect our view that CSC Financial's guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment,” the agency said in a statement.
The proceeds will be used for debt refinancing as well as cross-border fixed income, currencies and commodities business.
The outlook is stable.
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