TEXT-S&P:Issue rating on CITIC Pacific notes unaffected

Tue Dec 4, 2012 3:47am EST

Related Topics

(The following statement was released by the rating agency)

Dec 04 - Standard & Poor's Ratings Services said today that the retap of the U.S.-dollar-denominated senior unsecured notes due January 2023 that CITIC Pacific Ltd. (BB+/Negative/--; cnBBB/--) issued will not affect our 'BB+' issue rating and 'cnBBB' Greater China regional scale rating on the notes. CITIC Pacific announced that it intends to add to the US$750 million 6.8% notes that it issued on Oct. 8, 2012, under the same terms and conditions. We expect the company will use the proceeds from the increased issuance for refinancing purposes.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.