S&P rates Ausdrill notes BB

Standard & Poor's said it assigned its BB long-term rating to Ausdrill Finance Pty Ltd.'s proposed $300 million notes issue.

At the same time, the agency said it assigned a recovery rating of 3 to the proposed notes. This indicates expectations for meaningful recovery should a default event occur.

The proposed senior unsecured and subordinated notes are to be guaranteed by Ausdrill Ltd. and will rank at least pari passu with all other unsecured debt.

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