S&P rates AGCO notes BBB-

S&P said it assigned its BBB- issue-level rating to the planned senior unsecured notes issued by AGCO Corp.'s subsidiary AGCO International Holdings BV

S&P’s other ratings on AGCO are unchanged, including the BBB- issuer credit rating and stable outlook, the agency said.

AGCO intends to use the proceeds to refinance €487.5 million of its senior term loans due 2021 through 2023. The company will use any remaining proceeds for general corporate purposes,

“We expect this to be a leverage-neutral transaction,” S&P said in a press release.

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