Qube Holdings Ltd., Global Infrastructure Partners, Canada Pension Plan Investment Board, and CIC Capital Corp. (Qube consortium) have submitted a binding proposal to acquire all of the issued share capital of Asciano Ltd. If successful, the consortium will sell Asciano's Patrick container terminal business, the bulk auto and ports services business, and the Australian Amalgamated Terminal businesses (together the Ports Business), and retain only the rail business. We consider that if the Qube consortium bid proceeds as planned, it will significantly reduce Asciano's business diversity and likely result in a lowering of the long-term rating by one notch. As a result, we have placed the 'BBB' ratings on Asciano and the company's associated debt on CreditWatch negative. On Jan. 29,
