Fitch Ratings has given a "BBB" rating on Qube Holdings' (ASX:QUB) first senior unsecured notes and its financing unit's Qube Treasury's AU$2 billion Australian medium-term note program, according to a Tuesday release.

The AU$350 million notes due 2031 and the AU$250 million notes due 2034 will be issued by Qube Treasury.

The ratings are aligned with Qube Holdings' long-term issuer default rating as they are unconditionally and irrevocably guaranteed by Qube Holdings and a few of its units on a joint and several basis.

The rating has a stable outlook.

Fitch may downgrade the ratings if Qube Holdings' earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs net leverage rises to above five times on a sustained basis, deteriorates its market position, or due to regulations or policy changes.

Meanwhile, Fitch's rating on the provider of import and export logistics services may upgrade if the company adopts a more conservative financial policy.