S&P rates Huatai Securities notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the planned U.S. dollar-denominated senior unsecured bonds that Huatai Securities Co. Ltd. will guarantee. Pioneer Reward Ltd., a special purpose corporation for issuances that Huatai Securities indirectly fully owns, will sell the notes. The issuance will be a draw down from Pioneer's $3 billion medium-term note program.

“We equalize the rating on the bonds with the issuer credit rating on China-based Huatai Securities (BBB+/stable/A-2). This reflects our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment,” S&P said in a press release.

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