S&P rates Haitong bonds BBB

S&P said it assigned its BBB long-term issue rating to the dollar-denominated senior unsecured bonds proposed by Haitong International Finance Holdings 2015 Ltd. The bonds are guaranteed by Haitong Securities Co. Ltd., which S&P rates BBB.

Haitong International is a special purpose company that Haitong Securities ultimately wholly owns. The obligations of the guarantor shall at all times rank at least equally with all its other unsecured and unsubordinated obligations, except for certain obligations that require to be preferred by applicable law.

“We equalize the rating on the bonds with the long-term issuer credit rating on Haitong to reflect our view that the guarantee is irrevocable, unconditional and timely, and therefore qualifies for rating substitution treatment,” said S&P in a press release.

The issuer will use the proceeds for offshore indebtedness refinancing and business development.

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