Tongyi Industrial Group Co. Ltd. Preliminary #B# Rating Withdrawn At Issuer#s Request

Stocks and Financial Services Press Releases Monday June 25, 2018 12:20
HONG KONG--26 Jun--S&P Global Ratings

HONG KONG (S&P Global Ratings) June 25, 2018--S&P Global Ratings today withdrew its preliminary 'B' long-term issuer credit rating on Tongyi Industrial Group Co. Ltd. (Tongyi), a China-based chemical producer and distributor, at the company's request. At the time of withdrawal, the outlook on the issuer credit rating was stable. At the same time, we withdrew our preliminary 'B' long-term issue rating on the proposed senior unsecured notes that the company guarantees. The proposed notes are to be issued by Tongyi (BVI) Ltd., Tongyi's wholly owned subsidiary.

We assigned the preliminary ratings on Tongyi and its proposed notes on April 18, 2018, based on the assumption of the company's successful issuance of US$300 million notes. The notes have not been issued as of now.


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