Fitch rates Port of Newcastle notes BBB-

Fitch Ratings said it gave a final BBB- rating to Port of Newcastle Investments (Financing) Pty Ltd.'s (PoN FinCo) $300 million of 10-year senior secured notes.

“The rating reflects the consolidated profile of the Port of Newcastle group, including the financing vehicle PoN FinCo and the rest of the PoN group entities that are providing a full, irrevocable and unconditional guarantee to external lenders, including the U.S.-dollar noteholders,” Fitch said in a press release.

The proceeds will be used to refinance part of senior secured loan facilities maturing in July 2023.

The outlook is stable.

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