S&P: Binhai Jiantou notes BBB+

Standard & Poor’s said it assigned a BBB+long-term corporate credit rating to Binhai Jiantou (Hong Kong) Development Ltd.

The agency also said it assigned a BBB+ rating to a proposed issue of senior unsecured notes that the company guarantees, along with a cnA+ long-term Greater China regional scale ratings to the company and the proposed notes.

The outlook is stable.

Binhai Jiantou (Hong Kong) is the sole offshore debt-financing subsidiary of BHCI group, which is primarily responsible for key urban infrastructure construction in the Tianjin Binhai New Area and is wholly owned by the Tianjin municipal government, S&P said.

The ratings reflect that the company is a highly strategic subsidiary of Tianjin Binhai New Area Construction & Investment Group Co. Ltd. group, the agency said.

Binhai Jiantou (Hong Kong) is rated one notch below the parent because of its very short operating track record, S&P said.

But, both entities are viewed as strategically, financially and operationally integrated, the agency said.

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