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S&P rates Reliance notes BBB-
S&P said it assigned a BBB- rating to Reliance LP's proposed senior secured notes.
The agency said it assumes Reliance will issue up to C$400 million of senior secured notes with net proceeds going primarily to refinance debt outstanding and for general corporate purposes.
The company's BBB- issuer credit rating and stable outlook on parent company, Reliance Intermediate Holdings LP, reflect an expectation that the company will continue to generate stable operating cash flows with adjusted debt-to-EBITDA ratio in the mid- to low-4x range over the next couple of years.
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