S&P rates Haya, notes B-

S&P said it assigned a preliminary B- long-term corporate credit rating to Haya Real Estate SLU and Haya Finance 2017 SA.

The outlook is stable.

At the same time, the agency assigned a preliminary B- rating to the group's proposed €450 million senior secured notes maturing in 2022. The recovery rating is 4, indicating a view of average recovery prospects of 30% in the event of a default.

“Our ratings reflect our vulnerable business risk profile assessment,” S&P said in a news release.

“The Spanish real estate servicing market is highly competitive, with four to five competing debt and asset servicers of a similar size to Haya, offering comparable services to banking clients, making it difficult for operators to offer a differentiated service and attract a clear price premium.”

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