S&P rates Sisal Pay bond BB-

S&P said it assigned a preliminary BB- rating to Sisal Pay SpA’s proposed €530 million senior secured bond, which will be used to finance the company.

Sisal Pay is a joint venture between Sisal Group and Intesa Sanpaolo. S&P said it assigned a BB- rating to the joint venture.

“Our BB- preliminary rating on Sisal Pay reflects our opinion that Intesa Sanpaolo SpA (BBB/Negative/A-2), Italy’s largest financial institution, will likely provide extraordinary support to it in case of need. This is because we think Sisal Pay fits well into Intesa’s strategic priority to enhance its multichannel proposition to customers while continuing to reduce its network of branches,” said S&P in a press release.

The outlook is stable.

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