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30 November 2011 -- Moody's said Wednesday it had given a final Ba2 rating, with a "stable" outlook, to Australian coal export terminal operator NCIG Holdings Pty Ltd's (NCIGH) USD250m (EUR187.8m) unsecured notes.
The issue will rank on par with the company's other unsecured and unsubordinated obligations and will be subordinated to the senior debt facilities and certain other financings of its subsidiary, Newcastle Coal Infrastructure Group Pty Ltd (NCIG), Moody's said.
Fitch compared DBCT with two other rated coal-export terminals in Australia: Newcastle Coal Infrastructure Group Pty Ltd (NCIG; BBB-/Stable) and Adani Abbot Point Terminal Pty Ltd (AAPT; BBB-/Stable).
Around 1.26 million mt of coal was shipped through the NCIG terminal at Newcastle last week, SandP Global Platts data showed.
Newcastle Coal Infrastructure Group Pty Limited (NCIG) (BBB-/Stable), a New South Wales-based coal export terminal, is also a close peer.
AAPT's throughput consists mainly of metallurgical coal, which Fitch views as less risky with long-term demand than thermal coal, which makes up the majority of NCIG's throughput.
Sydney: Moody's Investors Service is continuing its review for downgrade of Newcastle Coal Infrastructure Group Pty Ltd's (NCIG) Baa3 senior secured rating and the Ba2 senior unsecured rating of its parent NCIG Holdings Pty Ltd (NCIGH, together "the group").
NCIGH, owned by six coal companies ("shipper shareholders" or "counterparties"), is NCIG's holding company.
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