Incitec Pivot Ltd.#s US$1.5 Billion Euro Medium-Term Note Program Assigned #BBB# Rating

Stocks and Financial Services Press Releases Monday July 17, 2017 09:11
SYDNEY--17 Jul--S&P Global Ratings

SYDNEY (S&P Global Ratings) July 17, 2017--S&P Global Ratings said today thatit had assigned its 'BBB' long-term credit rating to Incitec Pivot Ltd.'sUS$1.5 billion, euro medium-term note program. Any notes issued under theprogram will rank pari passu with Incitec Pivot's other senior unsecured debt.

The issuing entities are Incitec Pivot Ltd., Incitec Pivot Finance LLC, andDyno Nobel Europe Pty Ltd. Any applicable financial covenants will be detailedin separate debt issue pricing supplements that will be drawn down from thisprogram.

Our 'BBB' ratings reflect Incitec Pivot's solid positions in key fertilizerand explosives markets, its cost competitiveness supported by long-lifephosphate reserves, and business unit and geographic diversification. IncitecPivot is one of the market leaders in the U.S. North American explosives

industry. It also holds the number two position in Australia, and is themarket leader in the east coast Australian fertilizer market. Supporting ourview are Incitec Pivot's moderate financial policies and its willingness touse financial levers to offset credit stress on its metrics. Its financialtargets include net debt to EBITDA (excluding material items) of less than2.5x and EBITDA to net interest coverage of greater than 6x.


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