S&P rates Huatai Securities notes BBB

S&P said it assigned its BBB long-term issue rating to the U.S. dollar-denominated senior unsecured notes proposed by Pioneer Reward Ltd. The issuer is indirectly wholly owned by Huatai Securities Co. Ltd. (BBB/stable/A-2), which is the onshore guarantor of the proposed notes.

“The issue rating reflects our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment,” S&P said in a news release.

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