China Development Bank's Proposed Note Drawdowns Assigned ?A+? Rating

HONG KONG (S&P Global Ratings) April 9, 2024--S&P Global Ratings today assigned its 'A+' long-term issue rating to the proposed three-year U.S. dollar and euro denominated drawdowns by China Development Bank (CDB) from its US$30 billion debt issuance program that we rated 'A+'. The issue rating is subject to our review of the final issuance documentation. The senior unsecured notes constitute direct and unconditional obligations of CDB. We therefore equalize the issue rating on the notes with the long-term issuer credit rating on the bank (A+/Stable/A-1). The notes will at all times rank equally among themselves and at least equal with all other existing and future outstanding unsubordinated and unsecured obligations of CDB (except for any statutory preference or priority

...April 9, 2024 HONG KONG (S&P Global Ratings) April 9, 2024--S&P Global Ratings today assigned its 'A+' long-term issue rating to the proposed three-year U.S. dollar and euro denominated drawdowns by China Development Bank (CDB) from its US$30 billion debt issuance program that we rated 'A+'. The issue rating is subject to our review of the final issuance documentation. The senior unsecured notes constitute direct and unconditional obligations of CDB. We therefore equalize the issue rating on the notes with the long-term issuer credit rating on the bank (A+/Stable/A-1). The notes will at all times rank equally among themselves and at least equal with all other existing and future outstanding unsubordinated and unsecured obligations of CDB (except for any statutory preference or priority applicable in the winding-up of the bank). CDB intends to use the proceeds for working capital and general corporate purposes....

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