Bao-Trans is an offshore procurement company that we consider to be a "core" subsidiary of China's Baoshan Iron&Steel Co. Ltd. We are assigning our 'A-' long-term corporate credit rating and 'cnAA' long-term Greater China regional scale rating to Bao-Trans. We are also assigning our 'A-' long-term issue rating and 'cnAA' Greater China regional scale rating to the Hong Kong-based company's proposed issue of U.S. dollar-denominated senior unsecured bonds. The stable outlook on Bao-Trans reflects the rating outlook on the parent. On Nov. 29, 2013, Standard&Poor's Ratings Services assigned its 'A-' long-term corporate credit rating to Bao-Trans Enterprises Ltd. The outlook is stable. We also assigned our 'cnAA' long-term Greater China regional scale rating to the company.
