S&P rates Asciano notes BBB-

Standard & Poor's said that it assigned a BBB- long-term issue debt rating to the senior $1 billion of notes issued by Asciano Finance Ltd., a subsidiary of Asciano Ltd. (BBB-/positive).

The notes were issued in two tranches, $750 million due in seven years and $250 million maturing in 12 years, the agency said. The majority of the notes will be used to refinance bank debt maturing in May 2012.

The notes are guaranteed by Asciano and various subsidiaries and rank pari passu with all senior obligations of the Asciano group, the agency added.

The noteholders benefit from a change of control of Asciano and cross default upon acceleration of obligations exceeding $50 million, the agency said.

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