S&P rates China Minsheng Banking notes BBB-

S&P said it assigned a BBB- long-term issue rating to the proposed benchmark-sized drawdown under the $5 billion medium-term notes program by China Minsheng Banking Corp. Ltd., Hong Kong branch.

The proceeds will be used for working capital and general corporate purposes.

S&P said it equalized the ratings on the proposed senior unsecured notes with the issuer credit ratings on China Minsheng Banking Corp. Ltd. as these notes constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.

The notes shall at all times rank equally with all other unsecured obligations, the agency added.

S&P also said it views the creditworthiness of the bank's Hong Kong branch the same as that of China Minsheng Banking.

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