Fitch provides A- to TTX notes

Fitch Ratings said it expects to assign an A- rating to TTX Co.’s proposed issuance of up to $375 million of 30-year, senior unsecured medium-term notes.

Proceeds are expected to be used for general corporate purposes.

The final maturity date in 2046 and a fixed-rate of interest will be determined at the time of issuance. The notes will rank equally with existing and future senior unsecured notes issued by TTX.

As of March 31, TTX had unused authorization to issue up to $650 million in medium-term notes for terms up to 50 years under its current program, which was last approved by the board of directors in March.

Fitch said the expected rating is equalized with TTX's long-term issuer default rating, reflecting that the notes are expected to rank pari passu with other senior unsecured debt of TTX, and the company's pool of unencumbered assets available to unsecured noteholders, which provides some financial flexibility in times of stress.

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