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Prospect News home > News index > List of issuers H > Headlines for Huatai Securities Co., Ltd. > News item |
S&P rates Huatai Securities notes BBB
S&P said it assigned its BBB long-term issue rating to the proposed dollar-denominated senior unsecured notes that Huatai Securities Co. Ltd. guarantees. The issuer is Pioneer Reward Ltd., which is wholly owned by Huatai Securities.
The issue rating reflects S&P’s view that the guarantee is irrevocable, unconditional and qualifies for rating substitution treatment. The proceeds will be used mostly for refinancing of offshore debt and for development of the group’s offshore business.
“We see a process risk that the guarantor can’t provide the trustee evidence of the guarantee’s registration with State Administration of Foreign Exchange (SAFE), possibly because SAFE hasn’t issued it yet. In our view, this process risk is short term and occurs at the outset of the transaction term,” said S&P in a press release.
The proposed notes will account for less than 1% of Huatai Securities’ adjusted total assets at the end of June 2019 and have no rating impact.
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