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S&P assigns BBB to Covivio Hotels notes
S&P said it assigned its BBB long-term issue rating to the senior unsecured notes to be issued by Covivio Hotels (BBB/positive/--).
“The issue rating is at the same level as our issuer credit rating on Covivio Hotels, reflecting the unsecured nature of the notes and their limited legal and structural subordination to Covivio Hotels' existing obligations,” S&P said in a news release.
“The completion and size of the transaction will be subject to market conditions, but we anticipate that it will have a benchmark size of €300 million, with a tenor of seven years. Covivio Hotels plans to use the proceeds to refinance existing secured debt.”
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