Fitch to rate Harley-Davidson notes A

Fitch Ratings said it expects to assign an A rating to Harley-Davidson Financial Services, Inc.'s proposed issuance of $350 million of five-year fixed-rate senior unsecured medium-term notes.

The interest rate will be determined at the time of issuance. Harley-Davidson Financial is the captive finance subsidiary of Harley-Davidson, Inc. (A/stable).

Fitch said the expected rating reflects that the debt is expected to rank pari passu with all other senior unsecured notes issued by Harley-Davidson Financial.

The equalization of the expected rating with Harley-Davidson Financial’s long-term issuer default rating reflects the unsecured funding profile and unencumbered asset coverage available to senior noteholders, the agency added.

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