S&P gives FS Funding notes B-

Standard & Poor's said it assigned its B- rating to the proposed €975 million senior subordinated notes due 2016 to be issued by FS Funding A/S.

Proceeds will primarily be used for refinancing existing debt, the agency said.

At the same time, S&P said it affirmed its B+ long-term corporate credit ratings on FS Funding and wholly owned subsidiaries ISS A/S and ISS Global A/S.

The B short-term corporate credit rating on ISS A/S was also affirmed. The outlooks on all the long-term corporate credit ratings are stable, S&P added.

S&P said the ratings on the ISS entities reflect the group's highly leveraged financial profile and weak credit measures, noting that this is mitigated by the group's strong business profile, underpinned by its solid business position in an attractive, albeit fragmented and competitive, industry.

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