S&P: Eastern Creation notes A

Standard & Poor’s said it assigned an A long-term issue rating and cnAA+ long-term Greater China regional scale rating to the proposed senior unsecured notes to be issued by Eastern Creation II Investment Holdings Ltd.

The notes will be issued under the medium-term notes program that Beijing Infrastructure Investment (Hong Kong) Ltd. unconditionally and irrevocably guarantees.

The A-rated program was recently upsized to $6 billion from $2 billion, S&P said.

Beijing Infrastructure Investment is expected to use the proceeds to mainly fund the development of the metro network in Beijing, the agency said.

Beijing Infrastructure Investment (Hong Kong) is the sole overseas financing vehicle for Beijing Infrastructure Investment Co. Ltd. and considered a highly strategic subsidiary, S&P said.

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