HONG KONG (Standard&Poor's) March 10, 2014--Standard&Poor's Ratings Services today assigned its 'A-1' short-term issue rating and 'cnA-1' short-term Greater China regional scale rating to a proposed commercial paper program of Chinatex Capital Ltd. (unrated). The China-based company, which is involved in textile, grain and edible oil, may issue commercial paper up to a maximum aggregate amount of US$200 million. The program is supported by an irrevocable direct-pay letter of credit from the New York branch of Bank of China Ltd. (A/Stable/A-1, cnAA+/cnA-1). Chinatex Capital is a wholly owned subsidiary of Chinatex Corp. (unrated). The rating on the program is equalized to the short-term counterparty credit rating on Bank of China to reflect our view that the
