S&P rates Eros, notes B+

S&P said it assigned its B+ long-term corporate credit rating to Eros International plc.

The outlook is stable.

At the same time, the agency assigned its B+ rating to the proposed dollar-denominated senior unsecured notes, maturing 2022, that Eros Films Ltd. will issue. Eros will guarantee the proposed notes.

"Our rating reflects Eros' good market presence in the fragmented Bollywood (Hindi) film production industry, which is smaller than Hollywood's," S&P credit analyst Ashutosh Sharma said in a news release.

"The rating also reflects Eros' higher leverage from a volatile financial performance and our belief that the company would successfully refinance its upcoming maturities and other high-cost borrowings through the proposed senior unsecured notes."

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