S&P rates Syngenta notes BBB+

S&P said it assigned its BBB+ long-term issue rating to U.S. dollar-denominated senior unsecured notes that Syngenta Group Co. Ltd. proposes to issue.

Syngenta Group Finance Ltd., a wholly owned special purpose vehicle, will issue the notes while Syngenta Group will provide an unconditional and irrevocable guarantee for them.

Syngenta Group (BBB+/stable/--) will use the proceeds from the proposed notes for general corporate and refinancing purposes.

“The rating on the proposed notes is equalized to the long-term issuer credit rating on Syngenta Group, a crop protection, commercial seed, and fertilizer company headquartered in China and Switzerland. This reflects credit substitution under the guarantee,” S&P said in a news release.

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