S&P rates Aroundtown hybrid notes BBB-

S&P said it assigned its BBB- issue rating to the pound sterling- and U.S. dollar-denominated subordinated hybrid notes that Aroundtown SA has proposed to existing investors under the company’s exchange offer.

The offer follows the recently completed exchange offer on the company's euro-denominated subordinated hybrid bonds.

With this transaction, Aroundtown (BBB+/negative/A-2) launches another public offer to exchange its perpetual dollar and sterling subordinated hybrid notes, which are valued at about €1 billion. The exchange offer will be carried out for a par combination of new proposed hybrid notes and a cash component; notes not exchanged will remain outstanding.

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