Moody's rates Transfield bond Ba3, loans Ba1

Moody's Investors Service said it today assigned a provisional Ba2 corporate family rating to Transfield Services Ltd.

The agency also assigned a provisional Ba3 senior unsecured rating to Transfield's proposed Rule 144A bond for approximately $300 million and a provisional Ba1 rating to the proposed senior secured syndicated and bilateral bank facilities for about A$500 million.

The outlook is stable.

"Transfield Service's ratings reflect its established position within the competitive maintenance service market, and which supports the company's ability to continue winning new contracts and renewing existing ones," Moody's assistant vice president and analyst Spencer Ng said in a news release.

"Transfield Service's incumbent position, extensive subcontractor network and breadth of its maintenance capabilities, provide it with the ability to tailor and bundle its services to suit the needs of individual clients. This is a key differentiator in a highly competitive market."

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