(The following was released by the rating agency)
SYDNEY (Standard & Poor's) Oct. 5, 2012-Standard & Poor's Ratings Services said today that it had assigned its 'BBB' rating to the US$750 million, 10-year fixed-rate, senior guaranteed notes to be issued by APT Pipelines Ltd. (APT; BBB/Stable). The notes will be guaranteed by Australian Pipeline Ltd. in its separate capacities as trustee and responsible entity of Australian Pipeline Trust and APT Investment Trust, and by certain other entities of the group. The issuance will be in the U.S. 144A market. When issued, the notes will rank pari passu with other senior unsecured debt issued by APT. The proceeds are expected to be used for general corporate purposes, including potentially repaying some of the existing debt of Hastings Diversified Utilities Fund, as part of APT's expected acquisition of that business.
RELATED CRITERIA AND RESEARCH
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
-- 2008 Corporate Criteria: Ratios and Adjustments, April 15, 2008
-- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
Keywords: MARKETS RATINGS APTPIPELINESLTD