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S&P assigns B to Empire notes
S&P said it assigned B issue-level and 4 recovery ratings to Empire Communities Corp.'s planned $475 million of senior unsecured notes due 2029. The 4 recovery rating indicates meaningful (30%-50%; rounded estimate: 35%) recovery in default.
The ratings match those on Empire’s outstanding senior unsecured notes.
The company is expected to use the proceeds to redeem its outstanding $475 million of 7% senior unsecured notes due 2025.
The outlook is stable.
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