S&P: Minsheng Bank notes BBB

S&P said it assigned a BBB long-term issue rating and cnA- long-term Greater China regional scale rating to the proposed $500 million drawdown from the $5 billion medium-term notes program by the Hong Kong branch of China Minsheng Banking Corp. Ltd.

The agency said it equalized the issue ratings on the senior unsecured notes under the proposed drawdown with the issuer credit ratings on Minsheng Bank.

The notes constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, S&P said, and shall at all times rank equally with all other unsecured obligations.

S&P also said it views the creditworthiness of Minsheng Bank's Hong Kong branch to be the same as that of the bank.

The proceeds will be used for working capital and general corporate purposes.

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