The New South Wales Supreme Court has approved the scheme of arrangement for the acquisition of Asciano Ltd. by a consortium of investors. The scheme became legally effective and Asciano shares ceased trading on July 29, 2016. Asciano will sell its ports, bulk, and auto businesses when the scheme completes on Aug. 19, 2016, and will only retain its existing coal haulage, bulk, and intermodal rail segments. We consider that the divestment will significantly reduce Asciano's business diversity, and as a result, we have lowered the corporate credit rating to 'BBB-' from 'BBB', on the company. The outlook is stable, reflecting our expectation that the rail business will continue to provide stable cash flows and that Asciano's new owners will
