S&P assigns Almirall notes BB-

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

The outlook is positive.

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

S&P said the rating on Almirall reflects its assessments of the group's "fair" business risk profile and "intermediate" financial risk profile. Together, the assessments lead the agency to apply an anchor of bb+ to Almirall.

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