...HONG KONG (Standard & Poor's) April 14, 2015--Standard & Poor's Ratings Services today assigned its '###' long-term foreign currency issue rating to a proposed benchmark-size bond issuance by Haitong International Finance Holdings 2015 Ltd. We also assigned our 'cnA' long-term Greater China regional scale ratings to the bonds. Our ratings are subject to our review of the final documentation related to the transaction. Haitong International is a special purpose company that Haitong Securities Co. Ltd. (Haitong: ###/Stable/A-2; cnA/cnA-2) ultimately wholly owns. Haitong's obligations under the guarantee rank equally with all its other unsecured and unsubordinated obligations, except for certain obligations that require to be preferred by law. We have equalized the rating on the bonds with the counterparty credit rating on Haitong to reflect our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment. The issuer will use...
