[ET Net News Agency, 12 June 2018] Moody's Investors Service has assigned a P-2 local
currency rating to CITIC Securities Finance MTN Co., Ltd.'s USD3 billion backed euro
commercial paper (ECP) program.
The ECP notes can be issued with a tenor of up to 364 days.
CITIC Securities Finance MTN Co., Ltd., incorporated in the British Virgin Islands, is
an indirect wholly owned subsidiary of CITIC Securities Company Limited (06030)(Baa1
stable). The subsidiary's principal activity is to act as a fund raising vehicle for
CITIC Securities.
The P-2 ECP program rating takes into account an unconditional irrevocable guarantee
from CITIC Securities and is in line with CITIC Securities' P-2 short-term issuer rating.
The notes to be issued under the ECP program will be fully and unconditionally
guaranteed by CITIC Securities. The guarantee will represent an unsubordinated and
unsecured obligation of CITIC Securities. As such, obligations under the guarantee will
rank pari passu with CITIC Securities' existing and future unsecured and unsubordinated
obligations.
CITIC Securities has registered the guarantee for the US$3 billion ECP program with
China's State Administration of Foreign Exchange (SAFE). (KL)