S&P: China Tianrui notes B

Standard & Poor's said it assigned its B issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by China Tianrui Group Cement Co. Ltd.

At the same time, the agency said it assigned its cnBB- Greater China regional scale rating to the proposed notes. The proposed issue is rated one notch lower than the corporate credit rating on Tianrui because of priority liabilities at its operating company in China, S&P said.

The proposed issuance does not affect the rating on Tianrui.

S&P said the company's financial performance in the first half of 2012 was in line with its expectation, with an operating margin of about 20%.

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