Moody's rates Weir notes Baa3

Moody's Investors Service said it assigned a rating of Baa3 to Weir Group plc’s planned senior unsecured sustainability-linked notes.

The agency affirmed Weir’s Baa3 ratings on May 26 and its senior unsecured bank credit facility at Baa3 on April 30, 2021.

The proceeds will be used to reduce the borrowings under Weir's revolving credit facility which amounted to £336.5 million at Dec. 31; “therefore, this transaction is not expected to result in higher leverage,” Moody’s said in a press release.

The outlook is positive.

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