Bulletin: China Development Bank Corp.'s Drawdowns Under Its RMB30 Billion Debt Issuance Program Unaffected By Upsizing

HONG KONG (Standard&Poor's) Jan. 27, 2016--Standard&Poor's Ratings Services said today that its rating on the drawdowns on Oct. 9, 2015, under the Chinese renminbi (RMB) 30 billion debt issuance program by China Development Bank Corp. (CDB) are not affected by a proposed upsizing in two tranches. CDB proposes to add to its current U.S. dollar- and Euro-denominated drawdowns under the program to form a single series. The ratings are subject to our review of the final documentation related to the transaction. The issue ratings are equalized with the issuer credit rating on CDB (AA-/Stable/A-1+; cnAAA/cnA-1+). The issuer's obligations under the debt issuance program will rank equally with its other unsubordinated and unsecured indebtedness. RELATED CRITERIA AND

...HONG KONG (Standard & Poor's) Jan. 27, 2016--Standard & Poor's Ratings Services said today that its rating on the drawdowns on Oct. 9, 2015, under the Chinese renminbi (RMB) 30 billion debt issuance program by China Development Bank Corp. (CDB) are not affected by a proposed upsizing in two tranches. CDB proposes to add to its current U.S. dollar- and Euro-denominated drawdowns under the program to form a single series. The ratings are subject to our review of the final documentation related to the transaction. The issue ratings are equalized with the issuer credit rating on CDB (##-/Stable/A-1+; cnAAA/cnA-1+). The issuer's obligations under the debt issuance program will rank equally with its other unsubordinated and unsecured indebtedness. RELATED CRITERIA AND RESEARCH Related Criteria + Standard & Poor's National and Regional Scale Mapping Tables, Jan 19, 2016 + Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 + National And Regional Scale Credit Ratings,...

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