S&P rates Chongqing Nan'an notes BBB

S&P said it assigned its BBB long-term issue rating to the dollar-denominated senior unsecured notes planned by Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd.

“We equalize the issue rating with the issuer credit rating on CQNA because we do not see material subordination risk in the capital structure. This also reflects the fact that the proposed debt is not contractually subordinated,” S&P said in a press release.

The issuer intends to use the proceeds to repay offshore debt.

The outlook is negative.

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