Ratings agency Moody's has placed Asciano's credit ratings under review for a downgrade, saying the proposed carve up of the company among rival suitors will weaken its financial metrics.
The Australian rail and ports giant on Tuesday agreed to a $9.05 billion takeover deal from a consortium of suitors comprising local logistics firm Qube, Canadian infrastructure giant Brookfield, and six other global investment funds.
Under the proposal, Asciano's main Pacific Rail business will remain in the company, which will be taken over by five of the funds.
Its Patrick container terminal business will be jointly acquired by Qube and Brookfield, while its bulk, auto and ports services (BAPS) businesses will be taken over by a Brookfield-led consortium.
"Moody's views the divestment of the ports businesses as weakening the business profile for Asciano as it reduces the scale, earnings generation and diversification of the remaining company," the ratings agency said on Wednesday.
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The company's non-rail businesses make up 36 per cent of revenue and 29 per cent of earnings. The rail business itself would have a large focus on coal haulage, it said.
In January, Standard & Poor's warned it might lower Asciano's long-term rating if a takeover bid by a Qube-led consortium - which would have similarly carved up the businesses - was successful.
Asciano shares gained one cent to $9.00.
