S&P rates Haitong Securities notes BBB

S&P said it assigned its BBB long-term issue rating to the proposed euro floating-rate and U.S. dollar fixed-rate senior notes that Haitong Securities Co. Ltd. (BBB/stable/A-2) proposes to issue.

S&P equalizes the issue rating on the proposed notes with the long-term issuer credit rating on Haitong.

Haitong will use the net proceeds from the euro floating-rate notes for its ordinary course of business in domestic China, while it will use the net proceeds from the U.S. dollar fixed-rate notes as capital injection into its oversea wholly owned subsidiary, Haitong International Holdings Ltd. The proposed capital injection will therefore be deducted from the issuer's regulatory net capital base, S&P said.

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