S&P rates Empark notes BB-

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

The outlook is stable.

At the same time, the agency assigned BB- preliminary ratings to Empark Funding SA's proposed €235 million secured fixed-rate notes due 2019 and €150 million secured floating-rate notes due 2019. The recovery rating on both issues is 4.

S&P would assign final ratings only if Empark successfully issues the senior secured notes. In addition, Empark would have to put into place a multi-year committed revolving credit facility of €30 million and have at least 20% headroom under any financial covenants

S&P said the rating on Empark reflects its assessment of the company's "strong" business risk profile and "highly leveraged" financial risk profile. The "strong" business risk profile reflects the view that the company benefits from long-term concessions over key parking infrastructure in major cities across Spain and Portugal.

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