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S&P: Aston Martin notes at BB-
Standard & Poor's said that it assigned a BB- preliminary long-term corporate credit rating to Aston Martin Holdings (UK) Ltd. and a preliminary BB- issue rating to the £300 million of senior secured notes to be issued by Aston Martin Capital Ltd., including a preliminary recovery rating of 3 that indicates meaningful recovery (50%-70%).
The outlook is stable.
Aston Martin is in the process of issuing a £300 million bond maturing 2018 to refinance a £200 million bank loan, purchase £52 million of preference shares held by Ford Motor Co. (BB-/positive) and to pay a £30 million dividend.
The ratings on Aston Martin reflect the company's fair business risk profile and aggressive financial risk profile, the agency said.
The stable outlook reflects the opinion that Aston Martin will likely maintain credit ratios that are considered to be commensurate with its aggressive financial risk profile, the agency added.
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