S&P rates China Minsheng notes BBB-

S&P said it assigned its BBB- long-term issue rating to a proposed U.S.-dollar-denominated senior unsecured drawdown under a $5 billion medium-term note program by China Minsheng Banking Corp. Ltd. (Hong Kong Branch).

“We have equalized the issue rating on the proposed senior unsecured notes with the long-term issuer credit rating on China Minsheng Banking Corp. Ltd. (BBB-/Stable/A-3). We also view the creditworthiness of the bank’s Hong Kong branch the same as that of the parent bank,” S&P said in a press release.

The issuer plans to use the proceeds for working capital and general corporate purposes.

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