Fitch assigns BB+ to Perenti notes

Fitch Ratings said it rated Perenti Ltd.’s planned $350 million of senior unsecured notes BB+. Perenti will guarantee the notes that will be issued by its wholly owned subsidiary Perenti Finance Pty Ltd.

“The proposed notes are rated at the same level as Perenti's long-term issuer default rating (IDR), as they constitute its unconditional, unsecured and unsubordinated obligations,” Fitch said in a press release.

Perenti will use the proceeds to partially redeem its $433 million of senior unsecured bonds due October 2025 and a $120 million partial repayment of its syndicated facilities.

The outlook is stable.

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