Fitch rates AquaSure notes A-

Fitch Ratings said it assigned an expected A- rating to the U.S. private placement notes to be issued by AquaSure Finance Pty. Ltd., the financing vehicle for AquaSure Pty. Ltd. The notes are expected to have a term of 12 years and will include U.S. dollar-denominated series 2015A fixed-rate notes and Australian dollar-denominated series 2015B floating-rate notes. The outlook is stable.

The issuer intends to raise the equivalent of $250 million and use the proceeds to repay part of the A$1.25 billion bank debt that matures in October 2016.

The agency said the rating takes into account the stable cash flow provided by AquaSure's concession, which runs through to 2039, to design, build, operate and maintain a 150 gigalitre-per-year desalination plant and associated infrastructure near Melbourne under a public-private partnership.

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