Moody's rates Chivor notes B1

Moody's Investors Service said it assigned a B1 rating to Chivor SA ESP's $150 million senior secured notes due 2014. Moody's also assigned a B1 senior implied rating and a B2 issuer rating. The outlook is stable.

Moody's said the B1 rating on the notes reflects the security afforded to the notes and that the issuer's other debt ranks pari passu to the notes.

Proceeds from the note offering, in addition to proceeds of a COP260 billion seven-year bank credit facility and cash on hand, will be used to refinance Chivor's existing $260 million credit facility due 2006.

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