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S&P rates Kansas City Southern notes BBB-
Standard & Poor's said it assigned a BBB- rating to Kansas City Southern de Mexico SA de CV's proposed $250 million floating-rate senior notes due 2016 and Kansas City Southern Railway Co.'s proposed $200 million senior notes due 2023.
Kansas City Southern will use the proceeds to finance the purchase of leased and new equipment, as well as for general corporate purposes, S&P said.
The ratings reflect the company's significant capital spending requirements and meaningful exposure to cyclical end markets, such as automotive and manufacturing, the agency said.
The U.S. freight railroad industry's favorable characteristics and the company's strategically located rail network partially offset these risks, S&P said.
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