Moody’s assigns Ba3 rating to Icahn notes

Moody’s Investors Service said it assigned a Ba3 rating to $500 million of senior unsecured notes due 2027 sold by Icahn Enterprises LP. The proceeds will be used for general limited partnership purposes.

“The new debt issuance is neutral to IEP’s credit profile. However, were the proceeds to be reinvested and not held as cash, pro-forma market value-based leverage (MVL) would rise to 32% from 29% as of 30 September. While the leverage increase would be credit negative, Icahn’s MVL would be well within our expectations for a Ba3 rated company,” said Moody’s in a press release.

The outlook is stable.

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