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S&P rates Kansas City Southern notes BBB-
Standard & Poor’s said it assigned its BBB- issue-level rating to Kansas City Southern’s senior notes.
The new notes replace Kansas City Southern Railway Co.'s (KCSR) $200 million of 3.85% senior notes due 2023 and $450 million of senior notes due 2043 and Kansas City Southern de Mexico's $250 million of floating-rate senior notes due 2016, $275 million of 2.35% senior notes due 2020, and $450 million of 3% senior notes due 2023.
The new notes have the same coupon and maturity as the notes they are replacing. The notes are guaranteed by KCSR and Kansas City Southern’s other domestic subsidiaries, as is the company’s new $800 million revolving credit facility.
“We assess Kansas City Southern Railway Co.’s business risk profile as ‘satisfactory,’ its financial risk profile as ‘intermediate’ and its liquidity as ‘adequate,’” S&P said in a news release.
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