S&P rates Accor’s unsecured bonds BBB-, subordinated hybrids BB

S&P said it assigned its BB long-term issue rating to the proposed undated, non-call 5.25 years, optionally deferrable, and deeply subordinated hybrid notes to be issued by Accor SA (BBB-/stable/A-3).

The amount of the hybrids remains subject to market conditions, but S&P expects the size to be €500 million. The proceeds will be used to partially refinance its €900 million hybrid issued in 2014 with a first step-up date, when bonds become callable, in June 2020.

At the same time, S&P said it assigned its BBB- issue rating to the company's proposed senior unsecured bond of between €500 million and €750 million.

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