S&P rates Embraer Netherlands notes BB+

S&P said it assigned BB+ issue-level and 3 recovery ratings to Embraer Netherlands Finance BV's planned senior unsecured notes. The notes are guaranteed by the parent company, Embraer SA. The 3 recovery rating indicates meaningful recovery (rounded estimate: 55%).

The ratings are the same as S&P’s on the issuer’s outstanding senior unsecured notes.

Embraer will use the proceeds to extend its debt maturity profile through a tender offer for its 2025, 2027, and 2028 notes.

“The company recently concluded another tender offer on its 2025 senior notes, of $536.2 million, with internal cash generation. These liability management initiatives will allow Embraer to maintain a comfortable average debt maturity and strong liquidity to support an ongoing recovery of its operations,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.