Moody’s rates Ferguson notes Baa2

Moody's Investors Service said it assigned a Baa2 instrument rating to Ferguson Finance plc's new $600 million guaranteed senior unsecured notes due 2030.

All existing ratings and outlook are unchanged.

Net proceeds from the new notes will be used for general corporate purposes, including the repayment of existing debt, and to increase liquidity.

The agency said the Baa2 ratings reflect Ferguson’s relatively moderate impact from Covid-19, as well as the company's strong balance sheet position and good liquidity coming into the current downturn, which will buffer the impact of the disruption from the pandemic on its overall credit profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.