S&P rates Almirall notes BB-

Standard & Poor's said it assigned its BB- preliminary long-term corporate credit rating to Almirall SA. The outlook is positive.

At the same time, S&P assigned a preliminary BB- issue rating to Almirall's €325 million senior unsecured notes. The preliminary recovery rating on this instrument is 3, indicating an expectation of meaningful (50%-70%) recovery in the event of payment default.

The preliminary rating on Almirall reflects S&P's assessments of the group's "fair" business risk profile and "intermediate" financial risk profile, S&P said.

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