S&P rates China Evergrande notes B-

S&P said it assigned a B- long-term issue rating and cnB+ long-term Greater China regional scale rating to the three proposed issues of dollar-denominated senior unsecured notes due 2021, 2023 and 2025 by China Evergrande Group (B/stable/--; cnBB-/--).

The issue rating is one notch below the long-term corporate credit rating on Evergrande to reflect the structural subordination.

In the agency’s view, the offer is opportunistic and does not constitute a distressed exchange because it gives investors an option to exchange the existing notes into new notes with compensation in the form of a price premium.

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