S&P rates Icahn Enterprises notes BBB-

Standard & Poor's said it assigned its BBB- issue-level ratings to Icahn Enterprises LP's proposed $3.5 billion senior unsecured notes issuance. The notes will be issued under three tranches due in 2017, 2019 and 2020 in amounts to be determined by market conditions.

The amount due in 2020 will be an add-on to the existing 2020 notes indenture.

The long-term issuer credit rating on Icahn remains BBB-, and the outlook is stable.

S&P said Icahn will use the proceeds from the proposed notes to refinance its 7.75% notes due in 2016 and 8% notes due in 2018.

S&P said it believes this transaction strengthens Icahn's credit profile by pushing out debt maturities and decreasing the firm's interest costs.

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