S&P rates Qingdao Conson notes BBB

S&P said assigned its BBB long-term issue rating to the proposed dollar-denominated senior unsecured notes that Qingdao Conson Development (Group) Co. Ltd. will guarantee. Haitian (BVI) International Investment Development Ltd., a wholly owned subsidiary of Qingdao Conson, will issue the notes.

“The issue rating is the same as our issuer credit rating on Qingdao Conson to reflect the effect of credit substitution and guarantee. In addition, we do not notch down the issue rating on senior unsecured notes guaranteed by Qingdao Conson because the company's priority debt ratio is well below our notching threshold of 50%,” S&P said in a press release.

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

The outlook is stable.

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