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S&P rates GS Caltex bonds BBB
Standard & Poor's said it assigned its BBB rating to GS Caltex Corp.'s (BBB/negative/A-2) proposed dollar-denominated senior unsecured bonds.
The company intends to use the proceeds to fund general corporate purposes, including capital expenditure and refinancing.
The negative outlook on the rating on GS Caltex reflects S&P's expectation that the ratio of the company's debt to EBITDA might breach S&P's downgrade triggers over the next 12 months.
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