S&P assigns BBB to Chongqing Nan'an Urban Construction notes

S&P said it assigned its BBB long-term issue rating to a proposed issuance of U.S. dollar-denominated senior unsecured notes by Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. (CQNA; BBB/stable/--).

“The stable outlook on CQNA mainly reflects our view of Chongqing Nan'an district government's stable credit profile. We also see an almost certain, albeit weakening, likelihood that the company will continue to receive extraordinary support from the government over the next 24 months,” S&P said in a news release.

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