S&P assigns BB- to ams-Osram notes

S&P said it assigned a BB- rating to ams-Osram AG’s planned €800 million unsecured bond and affirmed its BB- issuer rating.

The company reported its planned refinancing, which includes the notes and an €800 million rights offering, in September.

“We regard the re-financing plan as credit positive, as it will allow the company to lower its leverage and remain within the threshold of our BB- rating despite revenue decline and negative FOCF in recent quarters,” S&P said in a press release.

The outlook is negative.

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