S&P gives BBB+ to Shanghai Lingang notes

S&P said it assigned its BBB+ long-term issuer credit rating to Shanghai Lingang Economic Development (Group) Co. Ltd. The outlook is stable.

S&P also assigned its BBB+ long-term issue rating to the proposed senior unsecured notes that SLG will guarantee.

SLG is a local government financing vehicle that develops and manages industrial parks in Shanghai to incubate high-technology and advanced manufacturing sectors for the city's industrial upgrade.

“The rating primarily reflects our expectation of an extremely high likelihood that SLG will receive extraordinary and timely government support from the Shanghai municipal government if the company faces financial distress. In our view, the Shanghai municipal government has a robust credit profile and strong capacity to support SLG,” S&P said in a news release.

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