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S&P rates SDIC notes A+
S&P said it assigned an A+ long-term corporate credit rating to State Development & Investment Corp. (SDIC).
The outlook is negative.
The agency also said it assigned a cnAAA long-term Greater China regional scale rating to the company.
S&P also said it assigned an A+ long-term issue rating and cnAAA long-term Greater China regional scale rating to the dollar-denominated senior unsecured notes that Rongshi International Finance Ltd., a special purpose vehicle, proposes to issue.
SDIC will unconditionally and irrevocably guarantee the notes, the agency said.
The ratings reflect a view of the company's special status as the primary policy investment vehicle of the Chinese central government and a core platform for the government to execute its pioneer economic and social policies, S&P said.
Therefore, there is an extremely high likelihood that SDIC will receive extraordinary support from the Chinese central government, if needed, the agency said.
The company's stand-alone credit profile is BBB-.
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