Yihua Enterprise (Group) Co. Ltd.#s Proposed Guaranteed Senior Unsecured Notes Assigned #B-# Rating

Stocks and Financial Services Press Releases Wednesday October 4, 2017 17:04
HONG KONG--4 Oct--S&P Global Ratings

HONG KONG (S&P Global Ratings) Oct. 4, 2017--S&P Global Ratings today assigned its 'B-' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Yihua Overseas Investment Ltd. Yihua Enterprise (Group) Co. Ltd. (Yihua group; B/Stable/--) will guarantee the notes.

Yihua Overseas is a wholly owned financing subsidiary of Yihua group. The rating on the notes is subject to our review of the final issuance documentation. Yihua group intends to use a substantial portion of the net proceeds to refinance existing borrowings and replenish its working capital; it will use the remaining for general corporate purposes.

The rating takes into account Yihua group's capital structure, which consists of about Chinese renminbi (RMB) 5.8 billion of secured debt, about RMB5.6 billion of unsecured debt issued by its subsidiaries, and RMB7.3 billion of unsecured debt issued by Yihua group, based on data as of Dec. 31, 2016.

We rate the proposed senior unsecured notes one notch below the corporate credit rating on Yihua group because the notes rank behind a significant amount of secured debt and debt issued by subsidiaries in the capital structure.


Latest Press Release

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

Bitfinex and Ethfinex Launch IEO Platform - Tokinex

Bitfinex and Ethfinex, two of the world's leading digital asset exchanges, today announce the launch of Tokinex, their new Initial Exchange Offering (IEO) platform. Tokinex, allows qualified users to discover and participate in curated, pre-vetted token...

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

UNUS SED LEO Listing on Bitfinex Following Completion of $1bn Contribution

We are pleased to announce that UNUS SED LEO, a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform, will commence trading on Monday May...

Photo Release: EXIM Thailand Celebrates Successful Issuance of Renewable Energy Bond

Mr. Pisit Serewiwattana (second left), President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Hironori Oka (second right), Senior Executive Managing Director and Head of Asia and Oceania, Daiwa Capital Markets Hong Kong Limited...

Related Topics