Bao-Trans Enterprises Ltd.'s Proposed Euro-Denominated Senior Unsecured Notes Rated 'A-' And 'cnAA'

HONG KONG (Standard&Poor's) Jan. 28, 2015--Standard&Poor's Ratings Services today assigned its 'A-' long-term issue rating and 'cnAA' long-term Greater China regional scale rating to a proposed euro-denominated issuance of senior unsecured notes by Bao-Trans Enterprises Ltd. (A-/Stable/--; cnAA/--) The issue rating is subject to our review of the final issuance documentation. The issue rating is the same as the long-term corporate credit rating on Bao-Trans because the subordination risk is limited as the proposed bond will rank pari pasu with all the other liabilities of the company. Bao-Trans' parent Baoshan Iron&Steel Co. Ltd. (Baoshan: A-/Stable/--; cnAA/--) intends to use the net proceeds from the proposed issuance for refinancing, capital expenditure, working capital requirements, and

...HONG KONG (Standard & Poor's) Jan. 28, 2015--Standard & Poor's Ratings Services today assigned its 'A-' long-term issue rating and 'cnAA' long-term Greater China regional scale rating to a proposed euro-denominated issuance of senior unsecured notes by Bao-Trans Enterprises Ltd. (A-/Stable/--; cnAA/--) The issue rating is subject to our review of the final issuance documentation. The issue rating is the same as the long-term corporate credit rating on Bao-Trans because the subordination risk is limited as the proposed bond will rank pari pasu with all the other liabilities of the company. Bao-Trans' parent Baoshan Iron & Steel Co. Ltd. (Baoshan: A-/Stable/--; cnAA/--) intends to use the net proceeds from the proposed issuance for refinancing, capital expenditure, working capital requirements, and for general corporate purposes. We equalize the rating on Bao-Trans with that on Baoshan. We believe Bao-Trans is likely to get extraordinary government support indirectly through its parent. We...

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