Moody’s rates Glencore program Baa2

Moody's Investors Service said it assigned a provisional Baa2 long-term rating to a new A$5 billion medium-term notes program issued by Glencore Australia Holdings Pty. Ltd. (Baa2, stable) in line with the long-term issuer rating of the indirect parent company Glencore International AG (Baa2 stable).

Ultimate parent, Glencore Xstrata plc (recently renamed Glencore plc), and Glencore International and Glencore (Schweiz) AG will guarantee the notes on a senior unsecured basis.

The notes to be issued under the program will rank pari passu with all unsubordinated unsecured obligations of the issuer and the guarantors and will benefit from a cross default and a negative pledge clause.

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