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S&P affirms Hornbach
S&P said it affirmed the BB+ corporate credit rating on Hornbach Baumarkt AG.
The outlook is stable.
At the same time, the agency affirmed the BB+ issue rating on the group's €250 million senior unsecured notes due 2020. The recovery rating is unchanged at 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery prospects in the event of a payment default.
The affirmation reflects that the Hornbach group saw strong sales in 2016 and the first half of 2017, S&P explained.
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