S&P rates AusNet notes BBB

S&P said it assigned its BBB long-term issue rating to non-call 5.5-year subordinated notes of up to A$1.1 billion to be issued by AusNet Services Holdings Pty Ltd., a wholly owned subsidiary of AusNet Services Ltd. The notes will benefit from AusNet’s guarantor group’s subordinated guarantee, the same as in its senior debt structure, covering timely payment when due and payable, unless deferred.

The proceeds will be used to repay the S$200 million and U.S. $375 million hybrids, sold in 2016, on their first call due in September. Together they total A$705 million equivalent.

“The remainder will be used for general corporate purposes and to fund capital works. This is in line with the company’s capital management strategy to support its balance sheet,” S&P said in a press release.

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