S&P: A to Shanghai International Port, bonds

S&P said it assigned an A long-term corporate credit rating to Shanghai International Port Group (HK) Co. Ltd.

The outlook is stable.

At the same time, the agency assigned an A long-term foreign currency issue rating to the zero coupon exchangeable bonds guaranteed by SIPG(HK). The bond issuer is Shanghai Port Group (BVI) Holding Co. Ltd., which is wholly owned by Shanghai International Port Group (HK) Co. Ltd., a subsidiary of Shanghai International Port (Group) Co. Ltd. (SIPG: A+/stable/--).

S&P said the rating reflects Shanghai International Port (HK)’s highly strategic role to the parent, SIPG, as its primary overseas platform for investment holding and offshore financing. The agency therefore assigns the rating on Shanghai International Port (HK) one notch below that on SIPG to reflect its view of the parent's strong commitment of support even under stressful conditions.

As a result, the ratings on both companies will move in tandem and carry the same outlook.

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