Sichuan Province-based Chinese state-owned steel producer Panzhihua Iron and Steel (Pangang Group) has announced that it plans to issue medium-term notes worth RMB 4.5 billion ($737.7 million) on November 11. The notes in question will mature within three years, while Industrial and Commercial Bank of China (ICBC) will be the lead underwriter.
At present, Pangang Group has medium-term notes totaling RMB 2.7 billion ($442.6 million) to be repaid, and short-term notes amounting to RMB 8.5 billion ($1.39 billion) to be repaid.
Beijing-based China Cheng Xin International Credit Rating Co. (CCXI) has given the new medium-term notes a rating of AAA, and has ranked the issuer's credit rating as AAA with a stable outlook.