DBRS Rates Xstrata Finance (Canada)’s New Issue at A (low)

DBRS has assigned an A (low) rating with a Stable trend to Xstrata Finance (Canada) Limited’s (Xstrata) issue of $500 million 6.9% guaranteed notes (the Notes) due November 15, 2037.

The Notes, which are unsecured, are fully and unconditionally guaranteed by Xstrata plc, Xstrata (Schweiz) AG and Xstrata Finance (Dubai) Limited. The Notes rank pari passu with all of Xstrata’s other guaranteed unsecured debt obligations. The net proceeds of this offering will be used to repay a portion of the outstanding amount under the group’s existing syndicated loan, which had been drawn down in connection with the refinancing of the acquisition of Falconbridge Limited (since renamed Xstrata Canada Corporation).

For more information on Xstrata plc, please see the DBRS rating report published on October 12, 2007.

Note:
All figures are in U.S. dollars unless otherwise noted.