Rating On Baosteel Resources# Guaranteed Senior Unsecured Debt Affirmed, Taken Off UCO On Updated Issue Rating Criteria

Stocks and Financial Services Press Releases Thursday September 28, 2017 16:19
HONG KONG--28 Sep--S&P Global Ratings

HONG KONG (S&P Global Ratings) Sept. 28, 2017--S&P Global Ratings said today that it has reviewed its issue-level rating for the senior unsecured debt guaranteed by Baosteel Resources International Co. Ltd. that was labeled as "under criteria observation" (UCO) after publishing its revised issue ratings criteria, "Reflecting Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017. With our criteria review completed, we are removing the UCO designation from the above rating and are affirming our issue rating on Baosteel Resources' guaranteed US$500 million senior unsecured debt at 'BBB'.

This rating action stems solely from the application of our revised issue rating criteria and does not reflect any change in our assessment of the corporate credit rating for Baosteel Resources International.

Our rating action takes into consideration Baosteel Resources' capital structure, which consists of about US$150 million of secured debt, US$890 million of unsecured debt issued by Baosteel Resources, and about US$580 million of unsecured debt incurred by its subsidiaries.

We have therefore arrived at the following analytical conclusion: The US$500 million of senior unsecured debt issued by Baosteel Financing 2015 Pty. Ltd. and guaranteed by Baosteel Resources is rated 'BBB', the same as the corporate credit rating of Baosteel Resources, because we identified no sources of significant subordination.


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