USA: Fitch rates Corn Products' senior notes offering 'BBB-'
Global ratings firm Fitch Ratings has assigned a rating of 'BBB-' to Corn Products International's proposed US$250m senior unsecured notes offering. The Rating Outlook is Stable. The company, a global producer of corn-refined goods, said that it intends to use the majority of the net proceeds to pay down the outstanding balance of its senior unsecured revolving credit facility which matures in December 2002. Fitch anticipates that it will negotiate a US$100m senior unsecured revolving credit facility. The remaining net proceeds, if any, will be used for general corporate purposes.
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