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S&P assigns BBB+ to SQM notes
S&P said it assigned a BBB+ issue-level rating to the planned senior unsecured notes of Sociedad Quimica y Minera de Chile SA (SQM).
“We rate SQM's proposed senior unsecured notes at the same level as the issuer credit rating on the company because we don't think there are material financial obligations that would rank ahead of the company's unsecured debt by way of structural or contractual subordination in a default scenario. SQM doesn't have any secured debt or debt at the level of its subsidiaries,” the agency said in a press release.
SQM plans to allocate an amount equal to the net proceeds to finance and refinance eligible green projects. These could include its lithium carbonate and hydroxide expansions in Chile. Pending allocation, the company may use the proceeds to strengthen cash balances, refinance debt and for general purposes.
The outlook is stable.
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