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Worley Ltd.'s Senior Unsecured Notes Rated 'BBB'

MELBOURNE (S&P Global Ratings) June 2, 2021--S&P Global Ratings today said it has assigned its 'BBB' long-term issue rating to the €500 million five-year, fixed coupon, senior unsecured, sustainability-linked medium-term notes issued by Worley US Finance Sub Ltd. These ratings are based on our assessment of Worley Ltd.'s (BBB/Negative/--) group creditworthiness. The company will use the proceeds for general corporate purposes and to refinance existing debt.

The notes have a sustainability performance target to reduce Worley's absolute scope 1 and 2 emissions by fiscal 2025, which is a 50% reduction with respect to its 2020 baseline.

The notes, which Worley Ltd. will guarantee, will rank pari passu with all other senior unsecured and unsubordinated obligations of the group.

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Primary Credit Analyst:Victor Lai, CFA, Melbourne + 61 3 9631 2008;
victor.lai@spglobal.com
Secondary Contact:Graeme A Ferguson, Melbourne + 61 3 9631 2098;
graeme.ferguson@spglobal.com

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