Moody’s rates Incitec Pivot program Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the $1.5 billion senior unsecured medium-term note program of the co-issuers: Incitec Pivot Ltd., Incitec Pivot Finance LLC and Dyno Nobel Europe Pty Ltd.

The agency also assigned a stable outlook to Dyno Nobel.

The stable outlooks for Incitec Pivot and Incitec Pivot Finance are unchanged.

Moody’s said the Baa2 issuer and senior unsecured ratings reflect Incitec Pivot’s significant scale, strong market position and track record in Australian fertilizers, as well as its extensive footprint in explosives in the United States and Australia.

Incitec Pivot’s stable financial profile, adequate liquidity, clearly articulated financial policies and targets are positive rating factors which, in part, offset the inherent cyclicality in its business, the agency added.

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