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S&P assigns Harley-Davidson notes A
Standard & Poor's said it assigned an A rating to Harley-Davidson Funding Corp.'s Rule
144A $1 billion 6.8% medium-term series C notes due 2018.
"We expect proceeds to be used to repay commercial paper borrowings and for general corporate purposes," explained S&P credit analyst Andy Liu.
The notes are guaranteed jointly and severally by Harley-Davidson Financial Services and Harley-Davidson Credit Corp., the agency said, adding that the ratings on Harley-Davidson, including the A corporate credit rating, were placed on CreditWatch with negative implications on April 18 based on the deteriorating outlook for the motorcycle market in the United States.
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