S&P rates Huarong Finance bonds BBB+

Standard & Poor’s said it assigned its BBB+ long-term issue rating and cnA+ long-term Greater China regional scale rating to a benchmark-sized bond offering by Huarong Finance Co. Ltd. Huarong Finance is a special purpose company wholly owned by Huarong (HK) International Holdings Ltd. (BBB+/stable/A-2; cnA+/cnA-1), which unconditionally and irrevocably guarantees the bond.

The ratings have been equalized to the long-term counterparty credit rating on Huarong (HK) International Holdings Ltd. to reflect S&P’s view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment.

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