S&P: SPI Electricity notes A-

Standard & Poor's said it assigned its A- long-term rating to the CHF 250 million five-year medium-term notes to be issued by SPI Electricity & Gas Australia Holdings Pty Ltd., the funding vehicle of SP AusNet Group.

According to S&P, the issuance will be made under SP AusNet's existing $3 billion debt issuance program held by SPI Electricity & Gas.

When issued, the notes will rank pari passu with other senior unsecured debt issued by the group, with proceeds expected to be used to fund capital expenditure and to refinance existing debt, the agency said.

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