S&P assigns BBB- to Cimic notes

S&P said it assigned its BBB- long-term issue rating to Cimic Finance (USA) Pty Ltd.'s planned 10-year benchmark senior, unsecured notes issue of $500 million. Cimic Group Ltd., rated BBB-, will guarantee the notes.

“We equalize the notes issue rating with the issuer credit rating of Cimic, reflecting our view lenders are not disadvantaged by debt held in its 50%-owned operating subsidiary Thiess Group Holdings Pty Ltd.,” the agency said in a press release.

The company will use the proceeds to repay bank debt and for general corporate purposes.

The outlook is stable.

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