...November 9, 2020 SINGAPORE (S&P Global Ratings) Nov. 9, 2020--S&P Global Ratings today assigned its '###+' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Hero Asia Investment Ltd. (Hero Asia) proposes to issue. China Longyuan Power Group Corp. Ltd. (Longyuan: A-/Stable/--), which directly wholly owns Hero Asia, provides deeds of keepwell and an equity interest purchase undertaking (EIPU) to the proposed issue. The issuer intends to use the net proceeds for debt refinancing and other general corporate purposes. The issue rating is subject to our review of the final issuance documentation. We rate Hero Asia's senior unsecured notes the same as the issuer credit rating, given that we do not view Hero Asia's capital structure as having significant subordination risks. As of Dec. 31, 2019, secured debt and priority debt (defined as consolidated secured debt, unsecured debt at the subsidiaries) account for 17.4% and 36.1%, respectively, of Hero Asia's total...
