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Moody's rates LafargeHolcim notes Ba1
Moody's Investors Service said it assigned a Ba1 long-term rating to LafargeHolcim Helvetia Finance Ltd.'s proposed issuance of perpetual, deeply subordinated, guaranteed notes with a negative outlook.
The notes will be fully and unconditionally guaranteed by LafargeHolcim Ltd., the parent company of the LafargeHolcim group on a subordinated basis.
The outlook is negative.
The rating assigned to the hybrid debt is two notches lower than LafargeHolcim's senior unsecured rating of Baa2, primarily because the instrument is deeply subordinated to other debt in the company's capital structure, Moody's explained.
The negative outlook reflects the company's credit metrics, which still remain lower than expectations for the current rating and the risk that LafargeHolcim will not be able to restore credit metrics in line with expectations, the agency said.
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