Fitch rates Incitec notes BBB

Fitch Ratings said it assigned Incitec Pivot Ltd.'s $500 million issuance of senior unsecured notes due December 2015 an expected BBB rating.

This dollar-denominated bond issue is offered under Rule 144A/RegS and will be used to repay certain existing company debt and for general corporate purposes, the agency said.

The notes are senior unsecured obligations and will rank equally with all other unsecured and unsubordinated indebtedness of Incitec, Fitch said.

The notes will be unconditionally and irrevocably guaranteed, on a joint and several basis, by certain subsidiaries of Incitec, the agency said.

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