S&P rates Hurtigruten notes B

S&P said it assigned a B rating to Hurtigruten Group AS’ proposed €300 million senior secured notes. S&P also assigned a recovery rating of 2, indicating a rounded recovery estimate of 75% in the event of a default.

Proceeds will allow the company to redeem the existing €255 million export credit facilities, which it drew on to fund two new explorer vessels.

S&P affirmed the B- long-term issuer credit rating on Hurtigruten and its B- ratings and recovery ratings of 3 on the existing €655 million senior secured term loan and €85 million revolving credit facilities.

The outlook is stable.

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