S&P rates China Cinda notes A-

S&P said it assigned A- long-term and A-2 short-term issue ratings to a $3 billion medium-term notes program shared between China Cinda Finance (2017) I Ltd. and China Cinda Finance (2017) II Ltd.

The agency also said it assigned a cnAA long-term and cnA-1 short-term Greater China regional scale ratings to the program.

S&P also assigned an A- long-term issue rating and cnAA long-term Greater China regional scale rating to the proposed dollar-denominated notes issued by China Cinda Finance (2017) I.

The notes will receive a guarantee from China Cinda (HK) Holdings Co. Ltd., the agency noted.

The A- rating on drawdown reflects the ratings on China Cinda (HK), which move in tandem with those on its parent, China Cinda, S&P explained.

The rating on the notes was equalized to the counterparty credit rating because the guarantees are irrevocable, unconditional and timely, the agency said, which qualify the notes for rating substitution treatment.

These obligations rank equally with all other unsecured and unsubordinated obligations of the guarantor, S&P said.

China Cinda (HK) is considered a core subsidiary of China Cinda because of the subsidiary's crucial role in carrying out the group's offshore investment strategy, the agency said.

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