S&P rates Operadora de Servicios notes BB

S&P said it assigned a BB rating to Operadora de Servicios Mega SA de CV’s proposed senior unsecured notes for up to $300 million with a five-year tenor. The company will use the proceeds mostly to prepay $142 million in secured credit facilities and a bridge loan and use the remainder for business growth

S&P also assigned a BB rating to the company. The BB issue-level rating is at the same level as the long-term global scale issuer credit rating, reflecting the notes' pari passu status because they will rank equally in right of payment with all of the company’s senior unsecured debt.

The outlook is negative.

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