S&P rates Hornbach-Baumarkt notes BB

S&P said it assigned its BB issue-level rating to Hornbach-Baumarkt AG’s €250 million senior unsecured notes, which is in line with the BB issuer credit rating.

Hornbach plans to use the proceeds from the notes offering to prefund its redemption of its bullet bond maturing in February 2020, so it has no further impact on the company's credit metrics.

The recovery rating on the notes is 3, indicating meaningful recovery in a hypothetical default scenario (50-70%; rounded estimate 65%).

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