S&P gives Raffinerie Heide, debt B

S&P said it assigned a preliminary B long-term corporate credit rating to Raffinerie Heide GmbH and a preliminary B issue rating to its proposed senior secured debt.

The preliminary recovery rating is 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of default.

The outlook is stable.

The agency said the rating on Raffinerie Heide reflects the assessment of its vulnerable business risk profile and highly leveraged financial risk profile based on the proposed capital structure.

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