S&P rates Refresco notes BB-

Standard & Poor's said that it has assigned a BB- long-term corporate credit rating to Refresco Group BV.

The outlook is stable.

S&P assigned a BB- issue rating to Refresco's proposed €660 million of senior secured notes and a recovery rating of 4 to this instrument, reflecting average (30%-50%) recovery for noteholders in the event of a payment default.

The rating on Refresco reflects its significant debt leverage as well as Refresco's positive free operating cash flow generation capacity, underpinned by the leading market positions of its pan-European operations, the agency said.

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