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Moody’s assigns El Corte Ingles notes Ba1
Moody’s Investors Service said it gave a Ba1 rating to the proposed guaranteed senior unsecured notes to be sold by El Corte Ingles, SA.
The Ba1 rating assigned is in line with El Corte Ingles’ Ba1 corporate family rating and reflects a capital structure that comprises senior unsecured bonds and senior unsecured bank debt ranking pari passu, Moody’s said.
The Ba1 rating on ECI’s senior unsecured notes is also unchanged, Moody’s said.
The proceeds of the notes, expected to be €400 million, will be used for general corporate purposes, including refinancing debt. The proposed notes will rank equal to El Corte Ingles’ outstanding senior unsecured notes.
The outlook is negative.
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