S&P lifts Tianjin Binhai notes

S&P said it raised the long-term issue rating on the outstanding senior unsecured notes guaranteed by Tianjin Binhai New Area Construction & Investment Group Co. Ltd. (BHCI) to A- from BBB+.

The agency also said it raised the Greater China regional scale rating on the $300 million notes due in 2018 and $500 million notes due in 2020 to cnAA from cnA+.

The upgrades follow the conversion of the bond structure to a direct guarantee by BHCI from the previous keepwell structure, S&P said.

Before the conversion, Binhai Jiantou (Hong Kong) Development Ltd., BHCI's 100% owned subsidiary and sole overseas financing platform, guaranteed the outstanding $800 million notes issued in total by Zhaohai Investment (BVI) Ltd., S&P said.

BHCI supported the transaction under a keepwell and liquidity support deed and a deed of equity interest purchase undertaking, the agency noted.

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