Fitch Rates InfraBuild notes BB

Fitch Ratings said it assigned InfraBuild Australia Pty Ltd.’s proposed $325 million secured notes due 2024 an expected BB rating. The agency is also withdrawing the expected BB- rating on the company’s proposed dollar-denominated senior unsecured notes.

Fitch said it rates the notes a notch higher than the issuer default rating because the bond is secured by first-lien and second-lien assets.

Proceeds will be used to refinance and restructure the company’s existing facilities.

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