DBRS Assigns BBB (low) Rating to Case New Holland Inc. New Issue

DBRS has today assigned a provisional rating of BBB (low) with a Negative trend to the Case New Holland Inc. (CNH or the Company) issue of $1 billion principal amount of notes (the Notes) maturing December 1, 2017.

The Notes will be unconditionally, irrevocably, joint and severally guaranteed by CNH Global N.V. (CNH Global) and certain of the direct and indirect subsidiaries of both CNH and CNH Global (collectively, the Guarantors).

The Notes will rank pari passu with all of the Company’s and the Guarantors’ other senior unsecured debt.

The net proceeds of the offering will be used primarily for the repayment of debt, including the redemption of $500 million 7.125% senior notes due 2014, and the repayment of debt owed to the parent company, Fiat S.p.A. Any remaining proceeds will be used for general corporate purposes.

The debt is issued in accordance with Rule 144a.

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

The applicable methodology is Rating the Industrial Products Industry, which can be found on our website under Methodologies.

This is a Corporate (Industrials) rating.