Moody's rates Icahn notes Ba2

Moody's Investors Service said it assigned a rating of Ba3 to $500 million of new senior unsecured notes to be issued in the private placement market by Icahn Enterprises LP.

The proceeds will be used for general corporate purposes.

The outlook remains negative.

The rating is based on the risks and uncertainties of the company's investment strategies and the strengths of its subsidiary businesses, Moody's said.

The ratings reflect the risks and volatility of activist investing and the potential need to support the company's subsidiaries, the agency added.

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