December 4, 2012 / 8:51 AM / 5 years ago

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

(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.

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