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Moody's rates Weir notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to Weir Group plc’s new $800 million of senior unsecured notes.
“The new notes are rated Baa3 in line with the long-term issuer rating. The issuance is positive as it will be used to improve the company's maturity profile,” Moody’s said in a press release.
The proceeds are expected to be used to repay 2022 and 2023 debt maturities as well as for general corporate purposes.
“Weir has several debt maturities in the next two years including the March 2022 £200 million term loan, the February 2022 $590 million private placement notes and February 2023 $200 million private placement notes. The new notes will help repay these maturities and Moody's expects gross debt to reduce over the next two years unless Weir engages in debt-funded acquisitions,” the agency noted.
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