Moody’s gives AusNet Services note A3

Moody's Investors Service said it assigned an A3 rating to the €560 million medium-term note issued by AusNet Services Holdings Pty. Ltd.

The outlook is stable.

This is a takedown from the company's $5 billion euro medium-term note program, which is rated provisional A3.

The new note, due in 2027, is senior unsecured obligation of AusNet Services Holdings Pty. Ltd. and is guaranteed by other AusNet Services group entities, including AusNet Gas Services Pty. Ltd., AusNet Asset Services Pty. Ltd., AusNet Electricity Services Pty. Ltd., AusNet Transmission Group Pty. Ltd. and AusNet Finance Pty. Ltd., all rated A3.

Moody’s expects the proceeds to be used for general corporate purposes, such as to fund capital expenditure and refinancing.

AusNet Services’ A3 rating reflects its ownership and operation of low-risk, regulated electricity and gas networks that generate stable cash flows, the agency said. The rating, however, is constrained at the current rating level by the group's high financial leverage relative to other rated networks.

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