S&P rates Simpar BB-

S&P said it assigned a BB- rating and brAA+ to Simpar SA, which succeeds JSL SA as the group’s non-operating holding company and as the guarantor of JSL Europe’s 2024 notes and Simpar’s 13th debentures issuance.

The agency lowered the issuer credit ratings on JSL to B+ from BB- on the global scale and to brAA- from brAA+ on the national scale.

“We affirmed our BB- rating on the group’s 2024 senior unsecured notes and brAA+ rating on the 13th debenture issuance. This is because these two issuances now mirror the credit quality of Simpar. At the same time, we lowered the rating on JSL’s eighth debenture issuance to brAA- from brAA+, following the same action on the issuer credit rating, because this issuance will remain on JSL’s balance sheet,” S&P said in a press release.

The also removed JSL’s ratings from CreditWatch where it placed them on July 21.

The outlook for both companies is negative.

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