Moody's rates Vector note program Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to Vector Ltd.'s new euro medium-term note program.

The outlook is negative.

The rating reflects the company's low business risk and cash flows generated from its electricity and gas distribution networks, Moody's said. The regulatory environment is evolving, yet broadly supportive of the company's cash flows, the agency said.

The rating also considers Vector's relatively high leverage, Moody's said, which is comparable to most industry peers within Australia and New Zealand.

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