S&P rates Amber Treasure notes BBB+

S&P said it assigned its BBB+ long-term foreign currency issue rating to Amber Treasure Ventures Ltd.'s proposed dollar-denominated credit enhanced notes.

The senior unsecured notes issue is supported by a dollar-denominated single draw irrevocable stand-by letter of credit provided by China CITIC Bank Corp. Ltd. Shenzhen Branch. Amber Treasure is an issuing vehicle wholly owned by Nan Hai Corp. Ltd.

“The issue ratings have been equalized to the issuer credit rating on CNCB to reflect our view that the stand-by letter of credit will provide adequate and timely coverage of repayment of the notes,” S&P said in a press release.

Proceeds will be used to repay debt and for general corporate purposes.

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