S&P rates International Design notes B

S&P said it assigned a B rating to International Design Group SpA (IDG).

The outlook is stable.

At the same time, S&P assigned a B issue rating to the €720 million senior secured notes (€400 million fixed rate notes and €320 million floating rate notes) maturing in 2025. The recovery rating on the notes is 3, indicating expectations of meaningful recovery prospects (50%-90%; rounded estimate: 55%) in the event of payment default.

IDG has been created by private equity groups Investindustrial and the Carlyle Group, consolidating Flos, an Italian lighting producer, Louis Poulsen, a Danish lighting producer, and B&B Italia, an Italian furniture producer. Investindustrial and Carlyle jointly own a 90%-95% stake in the group, while IDG's senior management owns the remaining 5%-10%.

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