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S&P rates Beijing Infrastructure notes A
S&P said it assigned its A long-term issue rating to the proposed dollar-denominated senior notes unconditionally and irrevocably guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd. (A/stable/--).
The company’s special-purpose vehicle, Eastern Creation II Investment Holdings Ltd., will issue the notes.
The proposed issuance will draw down from Beijing Infrastructure’s $6 billion medium-term note program.
The company's ultimate parent, Beijing Infrastructure Investment Co. Ltd. (A+/stable/--) will support the issuance under the keepwell and the equity interest purchase undertaking arrangements.
“The issue rating is the same as our issuer credit rating on the guarantor BII HK, as a result of the credit substitution effect,” the agency said in a news release.
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