Fitch: Far East Horizon program BBB-

Fitch Ratings said it assigned Far East Horizon Ltd.’s (BBB-/stable) $4 billion medium-term note program a long-term rating of BBB-.

Senior notes under the program will represent Far East Horizon's direct, unconditional, unsecured and unsubordinated obligations and will rank at least pari passu with all its other unsecured and unsubordinated debt. Perpetual securities under the program will be rated on a case-by-case basis in accordance with Fitch's published criteria after taking into consideration the securities' individual terms and conditions. However, Fitch said it reserves the right not to rate certain instruments issued under the program, such as market-linked instruments.

Notes may be issued in any currency and with any tenor.

Proceeds will be used for working capital and general corporate purposes, unless otherwise stated.

The rating reflects the ratings expected to be assigned to senior notes issued under the program and are in line with Far East Horizon's long-term issuer default rating of BBB-, the agency explained.

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