HONG KONG (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings today assigned its 'A+' long-term issue rating to the proposed benchmark-sized issuance of senior unsecured bonds by Agricultural Development Bank of China (ADBC; A+/Stable/A-1). The bonds will be denominated in Chinese renminbi and U.S. dollar. The issue rating is subject to our review of the final issuance documentation.
We have equalized the issue rating on the bonds with the long-term issuer credit rating on ADBC. The bonds will constitute direct, unsubordinated, unconditional, and unsecured obligations of the bank, and will at all times rank equally among themselves.