China Great Wall International III Ltd.#s Proposed Drawdown Under Its MTN Program Assigned #BBB+# Rating

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:32
HONG KONG--17 May--S&P Global Ratings

HONG KONG (S&P Global Ratings) May 17, 2018--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the proposed benchmark-sized drawdown under China Great Wall International Holdings III Ltd.'s US$6.5 billion medium-term notes (MTN) program. The issue rating is subject to our review of the final issuance documentation.

The issuer is a special-purpose company directly and wholly owned by China Great Wall AMC (International) Holdings Co. Ltd. (GW AMC (International) Holdings: BBB+/Stable/A-2). GW AMC (International) Holdings, which is a wholly owned subsidiary of China Great Wall Asset Management Co. Ltd. (Great Wall: A-/Stable/A-2), is the guarantor of issuances under the MTN program.

We regard the guarantor as a highly strategically important subsidiary of Great Wall. Both the guarantor and the issuer are supported by a "keepwell" deed of undertaking from Great Wall.

We have equalized the ratings on the notes with the counterparty credit rating on GW AMC (International) Holdings to reflect our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment. These obligations rank equally with all other unsecured and unsubordinated obligations of the guarantor, if any, except for certain obligations required to be preferred by law. The proceeds from the issuance are likely to be used for refinancing.


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