Moody's rates South32 notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the $700 million senior unsecured notes issuance by South32 Treasury Ltd., a wholly owned subsidiary of South32 Ltd. A Baa1 issuer rating is also assigned to South32 Treasury.

“The notes benefit from a parental guarantee from South32 Ltd., and will rank pari passu with existing and future senior unsecured debt of the company,” Moody’s said in a press release.

Proceeds from the notes will be used together with cash on hand to repay South32's acquisition debt facility that was taken out to finance the Sierra Gorda acquisition.

The outlook is stable.

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