S&P gives Haitong Securities notes BBB

S&P said it assigned its BBB long-term issue rating to the senior unsecured notes that Haitong International Finance Holdings Ltd. plans to sell. The Chinese renminbi-denominated notes are under the issuer's $1 billion medium-term note program. Haitong Securities Co. Ltd., rated BBB, indirectly wholly owns the issuer and will guarantee the notes.

“The issue rating reflects our view that the Haitong Securities guarantee is irrevocable, unconditional and timely, and therefore qualifies for rating substitution treatment,” S&P said in a press release.

The outlook is negative.

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