TEXT-S&P Rates United Energy Distribution's MTN Prog, Issue 'BBB'
April 02, 2012 at 19:54 PM EDT
SYDNEY (Standard & Poor's) April 3, 2012--Standard & Poor's Ratings Services today said that it had assigned its 'BBB' long-term ratings to United Energy Distribution Pty Ltd.'s (UED; BBB/Stable/NR) A$400 million medium-term note (MTN) program and UED's proposed initial A$200 million bond issue. The senior unsecured notes are expected to be issued with a coupon of 6.6% and a tenor of five years. The proceeds of the bond issue are to be used to refinance a A$150 million senior unsecured bank debt