...May 31, 2021 HONG KONG (S&P Global Ratings) June 1, 2021--S&P Global Ratings today assigned its 'B+' long-term issue rating to a proposed issuance of U.S. dollar-denominated senior unsecured notes by China Hongqiao Group Ltd. (##-/Stable/--). The issue rating is subject to our review of the final issuance documentation. We rate the notes one notch lower than the issuer credit rating on Hongqiao to reflect structural subordination risk. As of Dec. 31, 2020, the China-based aluminum producer has total debt of Chinese renminbi (RMB) 75.9 billion, with RMB8.5 billion of secured debt, RMB7.8 billion of unsecured debt at the parent company's level, and RMB59.7 billion of unsecured debt at the subsidiaries' level. As such, the ratio of priority debt to total debt is about 89.8%, above our 50% threshold for notching down an issue rating. In April 2021, we raised our long-term issuer credit rating on Hongqiao to '##-' from 'B+' in view of the company's improved financial discipline. Hongqiao's moderate...
