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| Prospect News home > News index > List of issuers C > Headlines for Credito Real, SAB de CV, Sofom, ENR > News item |
S&P rates Credito Real notes BB+
S&P said it assigned its BB+ issue-level rating to Credito Real SAB Sofom, ENR’s proposed senior notes.
Credito Real plans to issue about €400 million to €450 million, but it has authorization to issue up to €500 million with a tenor between five and seven years.
“The BB+ rating on the new notes is at the same level as the long-term global scale issuer credit rating on Credito Real. This considers that Credito Real’s secured debt represented less than 15% of adjusted assets as of June 2019, and its unencumbered assets fully cover unsecured debt,” said S&P in a press release.
S&P said it expects the company to use the proceeds to refinance senior notes and the rest for working capital.
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