Thursday, September 9, 2010

Teck (NYSE:TCK) Notes Get "BBB-" Rating From Fitch

Fitch Ratings has assigned a "BBB-" to the $700 million in new notes offered by Teck Resources Limited (NYSE:TCK)(TSE:TCK-B).

Here's how Fitch rated the new notes for Teck:

- Issuer Default Rating (IDR) "BBB-";

- Senior Unsecured Notes "BBB-".

The senior unsecured notes are due 2021 and 2040.

Teck will use the notes to acquire up to $1 billion in total principal of existing notes due 2019.

Fitch keeps the rating outlook on Teck stable, citing their strong position in copper, low cost zinc operations, and leading position in the seaborne hard metallurgical coal market.

The stable outlook by Fitch assumes Teck will continue on with its current financial profile.

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