S&P assigns Rhiag notes B

Standard & Poor's said it assigned its B preliminary long-term corporate credit rating to Rhino Bondco SpA, the parent company of Rhiag Inter Auto Parts Italia SpA.

The outlook is stable.

At the same time, the agency assigned its B preliminary issue rating to Rhiag's proposed €415 million senior secured notes due 2020 issued by Rhino Bondco SpA. The preliminary recovery rating on these notes is 4, indicating an expectation of average recovery (30%-50%) for noteholders in the event of a payment default.

S&P said the preliminary ratings on Rhiag reflect its view of its aggressive capital structure following the proposed leveraged buyout by funds advised by private equity company Apax Partners. Announced on Oct. 9, the buyout will likely be completed by year-end 2013.

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