S&P rates Shanghai Pudong notes BBB

S&P said it assigned its BBB long-term issue rating to the proposed drawdown of senior unsecured U.S. dollar-denominated notes by the Hong Kong branch of Shanghai Pudong Development Bank Co. Ltd.

The notes will be drawn down from the US$5 billion medium-term note program of Shanghai Pudong Development Bank Co. Ltd. (Hong Kong Branch).

“The rating on the notes reflects the long-term issuer credit rating on SPDB. The notes issued constitute direct, general, unsubordinated, unconditional, and unsecured obligations of the issuer and at all times rank equally among themselves,” S&P said in a news release.

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