Moody's rates Icahn notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 to $500 million of senior unsecured notes to be issued by Icahn Enterprises LP in the private placement market.

The notes are scheduled to mature in January 2018 and the proceeds will be used for general corporate purposes.

The outlook is stable.

The debt offering follows news of the company's $500 million equity rights offering, which is expected to close by the end of January.

The net effect of the equity and debt transactions is credit neutral to Icahn's credit profile, Moody's said.

Although there is an increase in absolute leverage, the debt and equity transactions improve the company's liquidity position, the agency said.

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