S&P rates Xinhu Zhongbao notes B-

S&P said it assigned its B- long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Xinhu (BVI) 2018 Holding Co. Ltd., a subsidiary of Xinhu Zhongbao Co. Ltd. The parent Xinhu Zhongbao guarantees the notes.

The company plans to use the proceeds to refinance its existing medium- to long-term debts which are due within one year.

“We rate the notes one notch lower than the issuer credit rating on Xinhu Zhongbao because the debt is significantly subordinated relative to other debt in the company's capital structure,” S&P said in a press release.

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