S&P rates Rossini notes B

S&P said it assigned a B long-term issuer credit rating to Rossini Acquisition Sarl, the holding company of Fimei SpA.

The agency also said it assigned a B issue rating to the senior secured notes issued by Rossini Sarl.

The outlook is stable.

Rossini Acquisition successfully acquired Fimei in early December 2018. Rossini is the holding company that controls 51.8% of Recordati SpA, S&P said.

The total consideration of the acquisition is about €3 billion, the agency noted.

The company successfully raised €1.3 billion senior secured notes due 2025 to finance the acquisition with an equity contribution of about €1.02 billion.

The Recordati family received part of the consideration in the form of deferred and structurally subordinated notes of €750 million, S&P said.

The stable outlook reflects a forecast that Recordati's operating performance should remain resilient over the next 18 months, providing healthy cash flow that enables Recordati to distribute a stable dividend stream so Rossini can fulfill its obligations, the agency said.

The ratings also consider Recordati's well diversified portfolio of products in different therapeutic areas, S&P said.

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