S&P gives Icahn notes BBB-

Standard & Poor's said it assigned its BBB- issue rating on Icahn Enterprises LP's proposed senior unsecured notes issuance.

Icahn will issue the notes in a single tranche due in 2022 in an amount to be determined by market conditions.

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

The company will use the proceeds for general partnership purposes, which S&P believes could include a combination of any of the following: new acquisitions, investing in existing private-equity holdings, or contributing to the firm's hedge fund.

The agency said it does not expect the firm to hold proceeds as cash on the balance sheet for a significant period of time.

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