Asciano Finance Ltd.'s US$1.0 Billion 144A Notes Issue Rated 'BBB-' Apr 11
Standard & Poors, April 2011
Abstract
MELBOURNE (Standard & Poor's) April 8, 2011--Standard & Poor's Ratings Services today said that it had assigned its 'BBB-' long-term issue debt rating to the senior unsecured US$1.0 billion notes issued by Asciano Finance Ltd., a wholly-owned subsidiary of Asciano Ltd. (Asciano; BBB-/Positive/--). The notes were issued in two tranches: US$750 million maturing in seven years, and US$250 million maturing in 12 years. The majority of the notes will be used to refinance bank debt maturing in May 2012. The notes are guaranteed by Asciano and various subsidiaries, and rank pari passu with all senior unsecured obligations of the Asciano group. The noteholders benefit from a change of control of Asciano and cross default upon acceleration of obligations exceeding US$50...
Companies mentioned in this report are: Asciano Finance Ltd.,Asciano Ltd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Asciano Finance Ltd.,Asciano Ltd.
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