Fitch sees rating Pershing notes BBB

Fitch Ratings said it expects to assign a BBB rating to Pershing Square Holdings, Ltd.’s proposed issuance of $500 million of senior unsecured notes.

“The expected senior unsecured debt rating is equalized with PSH’s long-term issuer default rating (IDR) and reflects the fully unsecured funding profile and the availability of meaningful unencumbered asset coverage. The rating also reflects that the proposed unsecured note issuance will rank equally with PSH’s existing bonds,” Fitch said in a press release.

Proceeds are expected to be used for general corporate purposes.

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