HONG KONG (S&P Global Ratings) May 22, 2025--S&P Global Ratings today assigned its 'BB-' long-term issue rating to China Hongqiao Group Ltd.'s (Hongqiao; BB/Stable/--) proposed issuance of U.S. dollar-denominated senior unsecured notes. The issue rating is subject to our review of 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, 2024, Hongqiao had total debt of Chinese renminbi (RMB) 76 billion. This comprised RMB18 billion of secured debt and about RMB11 billion of unsecured debt at the parent level and about RMB47 billion unsecured debt at subsidiaries. Accordingly, after considering the new issuance, the ratio of Hongqiao's priority debt to total debt is
