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S&P gives Financiere B, facilities B, CCC+
S&P said it assigned a B long-term corporate credit rating to Financiere Holding CEP and to its subsidiary Financiere CEP.
The outlook is stable.
At the same time, the agency assigned a B issue rating to the existing €424 million senior secured debt due 2020 and to the proposed €590 million first-lien term loan due 2024 and €40 million revolving credit facility due 2023.
The recovery rating is 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate 50%) in the event of a payment default.
S&P also assigned a CCC+ issue rating to the proposed €120 million second-lien loan facility due 2025. The recovery rating is 6, indicating an expectation of negligible recovery (0%) in the event of a payment default.
The agency said the ratings reflect high debt leverage and high concentration of revenues on the French credit protection insurance market, as well as significant customer concentration.
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