Moody's assigns a Baa2 to Fletcher bonds

Moody's Investors Service said it assigned a prospective Baa2 senior unsecured rating to Fletcher Building Ltd.'s medium-term note program.

At the same time, Moody's assigned a Baa2 rating to a proposed senior unsecured bond issuance under the program.

The outlook is stable.

The proceeds of any issuances under the program will be used to refinance existing debt and for general corporate purposes.

The Baa2 rating assigned to the proposed notes reflect Fletcher's strong business profile with vertically integrated operations and leading market positions in key divisions, Moody’s said in a news release.

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