S&P assigns Shenwan Hongyuan bonds BBB

S&P said it assigned its BBB long-term issue rating to the dollar-denominated senior unsecured bonds to be sold by Shenwan Hongyuan International Finance Ltd. The issuer is wholly owned by Shenwan Hongyuan Securities Co. Ltd., which is the onshore guarantor of the planned bonds.

“We equalize the issue rating on the bonds with our issuer credit rating on Shenwan Hongyuan Securities, given that the guarantee qualifies for a rating substitution and is irrevocable, unconditional, and timely. The bond obligations shall, save for exceptions provided by applicable law, rank at least equally with Shenwan Hongyuan Securities' present and future unsecured and unsubordinated obligations,” S&P said in a press release.

The proceeds will be used to supplement working capital and support the development of its overseas business.

The outlook is stable.

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