S&P rates Corestate loan BB+

S&P said it assigned a BB+ rating to the proposed senior unsecured convertible term loan due 2022 issued by Corestate Capital Holding SA.

The expected issuance volume is between €150 million and €200 million, the agency noted.

The recovery rating on the proposed debt is 4, indicating 30% to 50% expected default recovery.

S&P said it expects to review the ratings once the transaction is completed, which is expected to occur within the coming 90 days.

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