S&P rates Transurban notes A-

Standard & Poor's said it assigned an A- long-term issue credit rating to the A$200 million senior secured medium-term notes to be issued by Transurban Finance Co. Pty Ltd., the finance subsidiary of Transurban group.

The notes are due in 2016 and issued under Transurban's A$1.8 billion debt-issuance program.

The notes are supported by guarantees from Transurban on a pari passu basis and benefit from the same security package available to all other senior debtholders of the group, S&P said.

The notes pay a fixed coupon of 6.75%. The proceeds will be used to partially repay A$300 million of debt maturing in September 2011, the agency said.

The company has indicated that it will use available bank facilities and cash on hand for the additional A$100 million of debt to be repaid in September 2011, S&P added.

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