Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Asciano Ltd. > News item |
Fitch gives BBB- to Asciano notes
Fitch Ratings said it assigned Asciano Ltd.’s (BBB-/stable) $400 million 4.75% senior unsecured notes due 2028 a BBB- rating.
The notes are issued by Asciano's wholly owned subsidiary, Asciano Finance Ltd., and are guaranteed by Asciano.
Proceeds will be used for refinancing purposes.
The notes are rated at the same level as Asciano's senior unsecured ratings as they represent its direct, unconditional, unsecured and unsubordinated obligations.
Fitch said the long-term issuer default rating is underpinned by strong cash flows visibility under take-or-pay contracts with profitable source mines and stable domestic demand for rail-haulage services.
The stable outlook reflects Asciano's financial flexibility, which stems from a comfortable liquidity position, recurring operating cash flow and the company's commitment to maintaining investment-grade ratings, the agency explained.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.