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TEXT-S&P assigns Tingyi,proposed notes 'BBB+' ratings;otlk stable
June 5, 2012 / 7:37 AM / 5 years ago

TEXT-S&P assigns Tingyi,proposed notes 'BBB+' ratings;otlk stable

(The following statement was released by the rating agency)

June 05 -

Overview

-- China-based food and beverage company Tingyi has a “satisfactory” business risk profile and an “intermediate” financial risk profile, in our view.

-- We are assigning our ‘BBB+’ long-term corporate credit rating and ‘cnA+’ Greater China credit scale rating to the company.

-- We are also assigning our our ‘BBB+’ issue rating and our ‘cnA+’ Greater China credit scale rating to Tingyi’s proposed U.S. dollar senior unsecured notes.

-- The stable outlook reflects our expectation that Tingyi will make progress over the next year in integrating its PepsiCo bottling business, thereby gradually broadening its brand diversity.

Rating Action

On June 5, 2012, Standard & Poor’s Ratings Services assigned its ‘BBB+’ long-term corporate credit rating to China-based food and beverage company Tingyi (Cayman Islands) Holding Corp. The outlook is stable. We also assigned our ‘cnA+’ Greater China credit scale rating to Tingyi. At the same time, we assigned our ‘BBB+’ issue rating and our ‘cnA+’ Greater China credit scale rating to the company’s proposed issue of U.S. dollar senior unsecured notes. The issue rating is subject to our review of the final issuance documentation.

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