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S&P gives A+ to Agricultural Development Bank of China bonds
S&P said it assigned its A+ long-term issue rating to the Chinese renminbi-denominated bond that Agricultural Development Bank of China proposes to issue.
The senior unsecured fixed-rate bond issue consists of two tranches: one will be of three years tenor and available for institutional investors only, while the other will be of one-year tenor and available for both institutional and retail investors.
The combined issue size shall not exceed US$1.5 billion.
“The rating on the bond reflects our issuer credit rating on Agricultural Development Bank of China,” S&P said in a news release.
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