S&P gives BB- to Empark notes

Standard & Poor's said it assigned its BB- long-term corporate credit rating to Empark Aparcamientos y Servicios, SA.

The outlook is stable.

At the same time, S&P assigned its BB- issue ratings to Empark's proposed €235 million secured fixed-rate notes due 2019 and €150 million secured floating-rate notes due 2019. The recovery rating on both of these issues is 4, indicating an expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default.

S&P said the rating on Empark reflects its assessment of the company's business risk profile as "strong" and its financial risk profile as "highly leveraged."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.