Fitch rates Pershing Square notes BBB

Fitch Ratings said it assigned a BBB rating to Pershing Square Holdings, Ltd.'s issuance of $200 million of 12-year senior unsecured notes.

The rating is equalized with Pershing’s issuer rating and reflects the lack of senior secured debt and the availability of meaningful unencumbered asset coverage, the agency said.

The rating also reflects the unsecured notes ranks equally with Pershing's outstanding bonds, Fitch said.

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