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Moody’s assigns Rolls-Royce notes Ba3
Moody’s Investors Service said it assigned a Ba3 rating to the proposed sale of at least £1 billion (sterling equivalent) senior unsecured notes by Rolls-Royce plc. The company’s ratings, including its Ba3 long-term senior unsecured ratings, are unchanged.
The notes are part of Rolls-Royce’s recapitalization plan announced on Oct. 1. The plan includes a £2 billion equity rights issue and a new £1 billion two year term loan. The plan also includes an agreement in principle from U.K. Export Finance to provide guarantees in support of up to £1 billion in a five-year term loan.
The notes offering and £1 billion term loan depend on the consummation of the rights issue, which is fully underwritten and subject to shareholder approval at a meeting scheduled for Oct. 27, the agency said.
The outlook remains negative.
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