-China National Chemical Corp.#s Proposed Guaranteed Senior Unsecured Bonds Rated #BBB#

Stocks and Financial Services Press Releases Monday February 26, 2018 17:59
HONG KONG--26 Feb--S&P Global Ratings

HONG KONG (S&P Global Ratings) Feb. 26, 2018--S&P Global Ratings today said it has assigned its 'BBB' long-term issue rating to a proposed issue of senior unsecured bonds (denominated in U.S. dollars, euros, or a combination of both) to be issued by CNAC (HK) Finbridge Co. Ltd., a wholly owned subsidiary of China National Chemical Corp. Ltd. (ChemChina; BBB/Stable/--). ChemChina provides an unconditional and irrevocable guarantee for the bonds.

The ratings on the bonds are subject to our review of the final issuance documentation. ChemChina intends to use the issuance proceeds for refinancing and general corporate purposes.

The rating on the bonds is the same as the corporate credit rating on ChemChina because of credit substitution under the guarantee. Although ChemChina's priority ratio exceeds our 50% notching threshold, we do not see structural subordination risk associated with the indebtedness at the holding company level due to its high likelihood of receiving extraordinary government support from the Chinese government.

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