S&P: IVL Singapore bonds AA

Standard & Poor’s said it assigned an AA long-term issue rating to a proposed issue of Singapore dollar-denominated 10-year bonds by IVL Singapore Pte. Ltd.

The agency also said it assigned an axAAA long-term Asean regional scale rating to the bonds.

The ratings on the bonds are equalized with the long-term foreign-currency issuer credit rating on the guarantor, Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank, S&P said.

The rating is based on Credit Guarantee’s timely and irrevocable guarantee. The bonds constitute direct, unsubordinated and unsecured obligations of IVL Singapore, the agency said.

IVL Singapore’s payment obligations under the bonds shall at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations, S&P added.

IVL Singapore, a subsidiary of Indorama Ventures PCL, will use the proceeds from the bonds for working capital and general corporate purposes, the agency said.

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