S&P gives Terex notes BB-

S&P said it gave Terex Corp.’s planned $600 million of senior unsecured notes due 2029 BB- issue-level and 4 recovery ratings. The 4 recovery rating indicates an average (30%-50%; rounded estimate: 30%) recovery in default.

The company will use the proceeds to redeem its 2025 notes.

“We view this transaction as credit neutral. Therefore, our BB- issuer credit rating and stable outlook on Terex remain unchanged,” S&P said in a press release.

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