S&P rates SFund notes BBB+

S&P said it assigned a BBB+ long-term and A-2 short-term issuer credit ratings to Guangzhou Industrial Investment Fund Management Co. Ltd. (SFund).

The agency also said it assigned a cnA+ and cnA-1 Greater China regional scale ratings to the company.

S&P also said it assigned a BBB+ long-term issue rating and cnA+ long-term Greater China regional scale issue rating to the proposed senior unsecured notes issued by Guangzhou Silk Road Investment Ltd., which SFund wholly owns.

SFund guarantees the notes.

The outlook is stable.

The ratings reflect the company's BB stand-alone credit profile and a view that there is an extremely high likelihood of extraordinary support from the Guangzhou municipal government for the company if needed, S&P said.

The company is integrally linked to the Guangzhou government, which is the sole owner and has a record of providing capital and funding support to the company, the agency added.

SFund plays a very important role to the Guangzhou government as its largest industrial private equity asset manager, S&P said.

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