S&P rates Hon Hai notes A-

S&P said it assigned an A- long-term issue rating to the medium-term unsecured notes proposed by Foxconn (Far East) Ltd., a fully owned subsidiary of Hon Hai Precision Industry Co. Ltd.

The notes are a drawdown under the $5 billion medium-term notes program that Hon Hai unconditionally and irrevocably guarantees, S&P said.

The proceeds will be used to refinance the company's existing debt, the agency said.

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