S&P assigns BB+ to Greenland Hong Kong notes

Standard & Poor’s said it assigned its BB+ long-term issue rating and cnBBB+ Greater China regional scale rating to a US$2 billion medium-term note program that Greenland Hong Kong Holdings Ltd. (BBB-/stable/--; cnA-/--) proposes to issue.

S&P also assigned the same ratings to a proposed issue of U.S. dollar-denominated senior unsecured notes under the program.

The rating on Greenland Hong Kong reflects S&P’s assessment that the company is a “highly strategic” subsidiary of Greenland Holding Group Co. Ltd. (BBB/stable/--; cnA/--).

“We believe Greenland HK will continue to benefit from the support of its much stronger parent over the next two years. Our assessment is based on Greenland HK’s critical role in the group’s offshore funding and the company’s integration with the group’s management and operations,” S&P said in a news release.

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