S&P Global Ratings has published a BBB+ long-term foreign currency issue rating for China Securities (International) Finance Holdings' keepwell notes, according to a Wednesday release.
CSCIF Hong Kong will issue the instruments under its $4 billion medium-term note program.
The notes' rating is similar to the that of guarantor China Securities (International) Finance Holdings, since S&P views the guarantee as irrevocable, unconditional, and timely.
The notes' guarantee ranks equally as the guarantor's other obligations, S&P said.
Proceeds from the issuance will be channeled for CSC Financial's (HKG:6066) debt refinancing or for working capital and general corporate purposes.
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