S&P Global Ratings has given a BBB+ long-term issue rating to China Cinda (2020) I Management's proposed offshore renminbi fixed-rate notes, according to a Wednesday filing.

The China Cinda (HK) Holdings-owned special purpose company will issue the notes from its senior unsecured medium-term note program, which is being upsized to $7.4 billion from $5 billion.

The notes' rating aligns with the issuer credit rating of China Cinda (HK), which is the guarantor of issuances under the program, S&P said.

Obligations under the program will rank equally with all other unsecured and unsubordinated China Cinda (HK) obligations.

Proceeds from the drawdown will be used to pay existing debt.

S&P views China Cinda (HK) as a core subsidiary of China Cinda Asset Management (HKG:1359), with their ratings to move in parallel with each other.