S&P rates Shanghai Pudong notes BBB

S&P said it assigned a BBB long-term and A-2 short-term issue rating to the $5 billion medium-term notes program by the Hong Kong branch of Shanghai Pudong Development Bank Co. Ltd.

The agency also said it assigned a cnA long-term and cnA-2 short-term Greater China regional scale rating to the medium-term notes program.

S&P also said it assigned a BBB long-term issue rating and cnA long-term Greater China regional scale rating to the proposed drawdown of senior unsecured notes by the bank's Hong Kong branch.

The notes will be denominated in U.S. dollars and issued in two tranches: one with a three-year tenor and the other with a five-year tenor.

The ratings on the program and the proposed drawdown are equalized with the ratings on the bank, S&P said.

The notes constitute direct, general, unsubordinated, unconditional and unsecured obligations of the issuer and at all times rank equally among themselves, the agency said.

The creditworthiness of the bank's Hong Kong branch is the same as the bank's creditworthiness, S&P added.

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