S&P rates AusNet notes BBB

S&P said it assigned its BBB long-term issue rating to the non-call five-year subordinated notes due 2080 to be issued by AusNet Services Holdings Pty. Ltd., a wholly owned subsidiary of AusNet Services Ltd.

The notes will benefit from a subordinated guarantee from AusNet's guarantor group, the same as in its senior debt structure, covering timely payment when due and payable, unless deferred.

“We have rated the subordinated notes two notches below the long-term issuer credit rating on AusNet to reflect the notes' subordinated status and optional deferability. The notes are part of the company's capital management initiatives to support its balance sheet ahead of its regulatory reset in the next two years and fund its capital expenditure,” S&P said in a press release.

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