S&P rates Logan notes BB-

S&P said it assigned its BB- long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Logan Group Co. Ltd.

“We rate the senior unsecured notes one notch below the issuer credit rating on Logan to reflect structural subordination risk. As of June 30, 2020, Logan’s capital structure consisted of Chinese renminbi (RMB) 63.2 billion in secured debt and unsecured debt at the subsidiary level (including financial guarantees provided to borrowings by joint ventures), and RMB 32.4 billion in unsecured debt at the parent level (including perpetual securities). As such, its priority debt ratio is 66%, which was above our notching threshold of 50%,” S&P said in a press release.

Logan intends to use the proceeds to refinance debt.

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