S&P rates Remy Cointreau bond BB-

Standard & Poor's said it assigned a BB- long-term issue rating to the proposed €200 million unsecured bond maturing in 2016 to be issued by Remy Cointreau SA, along with a recovery rating of 3 to this debt, reflecting an expectation of 50% to 70% recovery for creditors in the event of default.

The issue rating is the same as the company's corporate credit rating, the agency said.

The ratings reflect an opinion that the waterfall of payment priorities is likely to be different by the time of the simulated default, S&P said.

The ratings also consider a valuation of the group as a going concern, underpinned by the strong quality of the company's brands, the agency said.

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