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S&P affirms Cabot, notes at B+
S&P said it affirmed its B+ long-term counterparty credit rating on Cabot Financial Ltd. and affirmed the B+ issue rating on its senior secured notes issued by Cabot Financial (Luxembourg) SA, and Cabot Financial (Luxembourg) II SA.
The recovery rating remains at 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of a payment default.
The outlook is stable.
“Cabot's newly created asset-backed loan facility, proposed acquisition, and refinancing plans do not affect our ratings or the group's financial risk profile. This reflects our view that the transactions will lead to an incremental increase in debt and a modest reduction in the company's interest expense on the back of lower debt repayments,” the agency said in a news release.
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