S&P gives Lufthansa notes BB-

S&P said it gave BB- issue and 3 recovery ratings to the expected senior unsecured notes due 2024 and 2029 to be issued by Deutsche Lufthansa AG. The 3 recovery rating indicates meaningful recovery prospects (50%-70%; rounded estimate: 65%) in default. The notes will be issued under the upsized €10 billion debt issuance program.

“We rate the proposed notes at the same level as our long-term issuer credit rating on Lufthansa,” S&P said in a press release.

Lufthansa is expected to use the proceeds for general corporate purposes.

The issue credit rating and the recovery rating on Lufthansa’s other senior unsecured debt are unchanged.

The outlook is negative.

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