Moody’s assigns Baa2 to Boral notes

Moody's Investors Service said it assigned Baa2 senior unsecured ratings to Boral Industries Inc.'s $225 million 4.05% guaranteed senior fixed-rate notes due 2026 and $75 million guaranteed senior floating-rate notes due 2026 U.S. private placement notes.

The notes are guaranteed by Boral Ltd., Boral Industries and certain other subsidiaries.

The outlook is stable.

The notes rank pari passu with all other unsecured and unsubordinated debt of Boral.

Proceeds are to refinance the company's $306 million senior secured notes, which matured in April 2018.

Moody’s said the stable outlook reflects the expectation that Boral's operating profile and earnings will continue to improve, in line with a solid U.S. housing market and increased infrastructure activity in Australia.

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