Implications of rising US rates for Australian companies holding US Debt?

In its most recent credit update for Transurban - following the announcement of the acquisition of AirportLink M7 - Moody’s highlighted that the company’s ratio of funds from operations to debt was expected to remain the mid-6% range compared with the rating tolerance level of 6% and drew attention to Transurban’s strong operating track record and diversified portfolio of mature toll road concessions. Despite the lift in funding costs evidenced from developments in corporate bond spreads, investor demand for debt issued by the likes of Transurban and Sydney Airport is expected to remain well supported by the strong appetite globally for monopoly listed infrastructure assets.