S&P affirms 4finance on acquisition

S&P said it affirmed its B+ long-term corporate credit rating on 4finance Holding SA.

The outlook is negative.

At the same time, the agency affirmed its B+ issue rating on the company's senior unsecured notes. The 4 recovery rating indicates that it now expects recovery for shareholders in the higher half of the 30%-50% range in the event of a payment default.

The corporate credit and issue ratings were removed from CreditWatch with developing implications, where they were placed on July 8.

S&P said the affirmation reflects its analysis of the impact of 4finance's acquisition of Bulgaria-based TBI Bank EAD, which was finalized following receipt of all regulatory approvals and announced on Aug. 11. 4finance paid a total consideration price of €82 million.

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