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S&P gives VNET notes B
S&P said it gave a B rating to VNET Group Inc.’s planned dollar-denominated senior unsecured notes.
“We equalize the issue rating to the issuer credit rating on VNET Group, given the company's minimal priority debts and low subordination risks within its capital structure. As of June 30, 2021, VNET Group had total debt (including bank borrowings, bonds, and convertible notes) of about Chinese renminbi (RMB) 8 billion, of which about RMB 1.8 billion was secured debt and unsecured borrowings at the subsidiary level,” the agency said in a press release.
VNET will use the proceeds to fund capital needs and general corporate purposes.
The outlook is stable.
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