S&P assigns Transurban loan A-

Standard & Poor's said it assigned its A- rating to Transurban's new A$450 million committed senior secured standby bank facilities.

The agency also said it removed the BBB+ corporate credit rating on Transurban Finance Co. Pty. Ltd. and the BBB preferred stock rating on the convertible adjustable rate securities issued by Transurban CARS Trust from CreditWatch negative and affirmed them.

The outlook is stable.

The removal of the ratings from CreditWatch and the affirmation of all ratings follow S&P's review of the company's business and financial profiles after completion of the Hills Motorway Group acquisition, the agency said, adding that it expects Transurban to retain headroom in its senior-interest-coverage ratio debt incurrence covenant that is likely to hover at 2.5 times.

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