S&P Global Ratings on Monday placed a BBB long-term issue rating on Shenwan Hongyuan International Finance's proposed US dollar senior unsecured bonds.

Shenwan Hongyuan Securities, an indirect owner of the issuer, guarantees the proposed bonds.

The bonds' issue rating is equivalent to Shenwan Hongyuan Securities' long-term issuer credit rating, with the guarantee resulting in a rating substitution because it is irrevocable, unconditional and timely, S&P said.

The bonds also rank at least equally with the securities firm's unsecured and unsubordinated obligations, except for those subject to legal exceptions.

S&P expects Shenwan Hongyuan Securities to maintain an ample market position in most of its domestic business segments.

The company will also further see a moderate possibility of extraordinary government support.

Shenwan Hongyuan Securities is a subsidiary of Shenwan Hongyuan Group (HKG:6806, SHE:000166).