S&P assigns B+ to Tereos notes

S&P said it assigned its B+ issue ratings to the proposed senior unsecured notes to be issued by Tereos Finance Group I SA and guaranteed by Tereos SCA, the group's top holding company.

S&P also assigned a 4 recovery rating to the notes, indicating expectation of recovery prospects of 30%-50% (rounded estimate: 40%).

“We understand Tereos will use proceeds to repay existing debt, notably drawn amounts under a revolving credit facility due in 2021 and a term loan due in 2022. Both bank lines had repaid €500 million of senior notes due in 2020,” S&P said in a news release.

S&P said the existing B+ issue and 4 recovery ratings on Tereos' €600 million senior unsecured are unchanged, indicating an expectation of recovery prospects of 30%-50% (rounded estimate: 40%).

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