S&P rates Reliance notes BBB-

S&P said it assigned a BBB- issue-level rating to Reliance LP's C$400 million of senior secured notes due 2028.

The rating is the same as that of Reliance’s other senior secured notes.

“We believe the company will use the net proceeds primarily for debt repayment, with no material impact on leverage, including to refinance its 4.075% C$171 million secured notes due August 2021, term loan facility due August 2021 (C$100 million), and the full amount outstanding under its senior secured bank facility, with the balance put toward general corporate purposes,” S&P said in a press release.

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