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S&P rates WFS Global notes B
Standard & Poor’s said it assigned its preliminary B long-term corporate credit rating to WFS Global Holding SAS. The outlook is stable.
At the same time, S&P assigned a preliminary B issue rating to the proposed €225 million senior secured notes to be issued by WFS. The preliminary recovery rating on these notes is 4, indicating recovery prospects in the lower half of the 30% to 50% range.
S&P said the preliminary B rating on WFS reflects the agency’s view of the company’s business risk profile as “weak” and its financial risk profile as “highly leveraged.”
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