Moody's rates Incitec notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to Incitec Pivot Ltd.'s $500 million 144A notes issuance.

The outlook is stable.

The notes currently constitute about 96% of the group's total assets, the agency said, and rank equally with all other unsecured and unsubordinated debt of the issuer.

The notes issued are $500 million fixed-rate notes due 2015 at a fixed coupon of 4%. The proceeds will be used primarily to refinance existing corporate debt.

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