S&P gives Shanghai International notes A+

S&P said it assigned its A+ long-term issue rating to the proposed dollar-denominated senior unsecured notes Shanghai International Port (Group) Co. Ltd. will guarantee.

Shanghai Port Group (BVI) Development 2 Co. Ltd., a wholly owned special purpose vehicle of Shanghai International Port Group (HK) Co. Ltd., which is in turn wholly owned by Shanghai International, will issue the notes.

“We rate the proposed notes the same as our issuer credit rating on SIPG because we consider SIPG's leverage to be low enough to limit the possibility of any lender being significantly disadvantaged,” S&P said in a press release.

The notes share the same structure as SIPG's senior unsecured notes issued in September, the agency said.

SIPG intends to use the proceeds for refinancing debt and general corporate purposes.

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