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.


Latest Press Release

Link Real Estate Investment Trust #A# Rating Affirmed On Continuing Strong Market Outlook Stable

HONG KONG (S&P Global Ratings) July 21, 2017--S&P Global Ratings affirmed its 'A' long-term corporate credit rating on Link Real Estate Investment Trust (Link REIT). The outlook is stable. We also affirmed our 'A' long-term issue rating on the...

Ratings Assigned To CVC Cordatus Loan Fund V#s Class X-R To F-R Reset Cash Flow CLO Notes

LONDON (S&P Global Ratings) July 21, 2017--S&P Global Ratings today assigned its credit ratings to CVC Cordatus Loan Fund V DAC (CVC V)'s class X-R, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. The unrated subordinated notes initially issued...

Sharp Corp. Upgraded Two Notches To #B+# From #B-# On Strong Operating Performance, Issue Rating To #B#; Outlook Stable

TOKYO (S&P Global Ratings) July 21, 2017--S&P Global Ratings today said that it has raised by two notches to 'B+' from 'B-' its long-term corporate credit rating on Japan-based electronics maker Sharp Corp. and has raised by one notch to 'B' its...

Samsung Electronics Co. Ltd. Upgraded To #AA-# On Strong Profitability And Cash Outlook Stable

HONG KONG (S&P Global Ratings) July 21, 2017--S&P Global Ratings today said it has raised its long-term corporate credit rating on Samsung Electronics Co. Ltd. (SEC) to 'AA-' from 'A+'. The outlook is stable. At the same time, we affirmed our...

BIS Industries Ltd. Rating Lowered To #CC# On Proposed Recapi Outlook Negative

MELBOURNE (S&P Global Ratings) July 21, 2017--S&P Global Ratings said today that it had lowered its long-term corporate credit rating on BIS Industries Ltd. to 'CC' from 'CCC-'. The outlook on the rating is negative. At the same time, we affirmed...

Related Topics