S&P rates Baosteel Resources notes BBB+

Standard & Poor’s said it assigned its BBB+ long-term corporate credit rating to Baosteel Resources International Co. Ltd. The outlook is stable.

S&P also assigned a cnA+ long-term Greater China regional scale rating to the company. At the same time, S&P assigned a BBB+ long-term issue rating and a cnA+ long-term Greater China regional scale rating to a proposed issue of U.S. dollar-denominated senior unsecured bonds by Baosteel Financing 2015 Pty. Ltd. that Baosteel Resources unconditionally and irrevocably guarantees.

S&P said the rating reflects its view that Baosteel Resources is a “highly strategic” subsidiary of Baosteel Group Corp. (Baosteel: A-/stable/--; cnAA/--). The rating also reflects S&P’s expectation that Baosteel Resources is likely to indirectly benefit from extraordinary government support through its parent.

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