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Fitch rates New Metro notes BB
Fitch Ratings said it assigned Seazen Holdings Co., Ltd.'s (BB/stable) proposed dollar senior notes to be issued by Seazen's indirect wholly owned subsidiary, New Metro Global Ltd., an expected rating of BB.
The proposed notes, which will be unconditionally and irrevocably guaranteed by Seazen, are rated at the same level as Seazen's senior unsecured rating because they will constitute its direct and senior unsecured obligations, the agency said.
Seazen intends to use the net proceeds to repay some of its existing debt.
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