S&P rates Excellence Commercial bonds BBB-

S&P said it assigned a BBB- long-term foreign-currency issue rating to Excellence Commercial Management Ltd.'s planned U.S. dollar denominated credit-enhanced guaranteed bonds. The senior unsecured bonds will be supported by a U.S. dollar-denominated single-draw irrevocable standby letter of credit provided by China Zheshang Bank Co. Ltd. Shenzhen Branch.

“The BBB- issue rating is equalized with the issuer credit rating on China Zheshang Bank (BBB-/stable/A-3). This reflects our view that the standby letter of credit will provide adequate and timely coverage of repayment of the bonds,” S&P said in a press release.

Excellence Commercial plans to use the proceeds to refinance its debt.

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