S&P assigns BB to Gestamp Automocion

Standard & Poor's said it assigned its BB preliminary long-term corporate credit rating to Gestamp Automocion SA.

The outlook is stable.

At the same time, S&P assigned a BB preliminary long-term issue rating to Gestamp's €750 million equivalent senior secured notes maturing in 2020 issued by Gestamp Funding Luxemburg SA. The preliminary recovery rating on this instrument is 3, indicating an expectation of good (50%-70%) recovery prospects in the event of a payment default.

The preliminary rating on Gestamp reflects S&P's view that the company has a "fair" business risk profile and a "significant" financial risk profile.

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