S&P rates ADO Properties notes BB+

S&P said it assigned a BB+ issue credit rating to ADO Properties SA’s proposed five-year senior unsecured notes.

“We rate the notes one notch above our issuer credit rating of BB on ADO Properties SA. The recovery rating on the proposed senior unsecured notes is 2, based on its valuable asset base of investment properties and the limited amount of prior-ranking liabilities. In our view, lenders can expect high recovery of principal in the event of payment default,” S&P said in a press release.

Proceeds will be used to refinance short-dated indebtedness, S&P said.

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