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S&P rates Harley-Davidson notes BBB
Standard & Poor's said it assigned Harley-Davidson Financial Services Inc.'s $450 million medium-term notes due 2016 a rating of BBB.
S&P affirmed the BBB corporate credit rating.
The outlook is stable.
Proceeds will be used for general corporate purposes, which may include repayment of debt.
The BBB corporate credit rating reflects Harley-Davidson's dominant position in the U.S. heavyweight motorcycle market and our expectation of continued improvement in operating trends, S&P said.
Adjusted debt to EBITDA pro forma for the note issuance was about 1.7x at year-end 2010, down from 1.9x in the prior year.
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