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S&P rates Aston Martin notes B-
S&P said it affirmed its B- long-term corporate credit rating on Aston Martin Holdings (UK) Ltd. The outlook remains stable.
At the same time, S&P assigned a B- issue rating to the proposed £530 million senior secured notes to be issued by Aston Martin Capital Holdings Ltd. The recovery rating is 4, indicating an expectation of a 30% prospect of recovery in the event of a payment default.
S&P also affirmed the B- senior secured debt rating on the £304 million notes issued by Aston Martin Capital Ltd. The recovery rating on these notes is unchanged at 4, indicating an expectation of a 30% prospect of recovery in the event of a payment default.
S&P also affirmed its CCC subordinated debt rating on the £177 million ($165 million original issue amount) 10¼% unsecured subordinated payment-in-kind notes due July 2018, issued by Aston Martin Holdings. The recovery rating on these notes is unchanged at 6, indicating an expectation of 0% recovery in the event of a payment default.
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