S&P rates Shenzhen Expressway notes BBB

S&P said it assigned its BBB long-term issue rating to the dollar-denominated callable senior unsecured notes that Shenzhen Expressway Co. Ltd. plans to sell.

“We equalize the issue rating on the notes with the issuer credit rating on Shenzhen Expressway because we believe senior unsecured debtholders will not be disadvantaged relative to other lenders, given the company's debt structure. As of end-2020, Shenzhen Expressway's secured debt and priority debt accounted for about 24% and about 35% of total debt, respectively,” the agency said in a press release.

The company intends to use the proceeds to refinance debt.

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