Fitch gives Teck notes BBB

Fitch Ratings said it assigned a BBB rating to Teck Resources Ltd.'s $500 million of 3% senior unsecured notes due March 1, 2019 and $500 million of 5.2% senior unsecured notes due March 1, 2042.

Proceeds of the notes are expected to be used, together with cash on hand, to redeem all of the outstanding 9.75% notes due 2014 amounting to about $530 million and $521 million of the 10.75% notes due 2019, the agency said.

The outlook is stable.

The ratings reflect Teck's modest financial leverage, leading low cost position in zinc, its leading position in the seaborne hard metallurgical coal market and solid core position in copper, Fitch said.

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