S&P rates Asciano notes BBB-

Standard & Poor's said it assigned a BBB- long-term issue debt rating to the senior unsecured $1 billion in notes issued by Asciano Finance Ltd., a wholly-owned subsidiary of Asciano Ltd.

The majority of the notes will be used to refinance bank debt maturing in May 2012, S&P said.

The notes are guaranteed by Asciano and various subsidiaries, and rank pari passu with all senior unsecured obligations of the Asciano group, the agency said.

The noteholders benefit from a change of control of Asciano and cross default upon acceleration of obligations exceeding $50 million, S&P said, adding that Asciano has negotiated the release of all security previously held by the bank syndicate.

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