HONG KONG (S&P Global Ratings) May 14, 2025--S&P Global Ratings today assigned its 'BBB-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that SDG Finance Ltd. proposes to issue. The issuer is a special purpose financing vehicle of Shandong Gold Group Co. Ltd. (BBB-/Stable/--), which will provide an unconditional and irrevocable guarantee. The rating on the notes is subject to our review of the final issuance documentation. The issuer intends to use the notes proceeds to refinance existing offshore indebtedness in accordance with its green finance framework. We equalize the issue rating with the issuer credit rating on Shandong Gold. Shandong Gold's unconditional and irrevocable guarantee for the notes qualifies for credit substitution. Moreover, we assess Shandong Gold
