S&P rates Summit notes BBB-

S&P said it assigned a BBB- long-term issue rating to the proposed €300 million of senior unsecured notes issued by Summit Lux Finance Sarl, a financing subsidiary wholly owned by Summit Properties Ltd. The maturity is expected to be from five to seven years. Summit Properties will guarantee the notes.

The recovery rating on the debt is 2, reflecting an expectation of about 70% recovery prospects in default. “As a result, our long-term issue rating on the bond is BBB-, one notch above our long-term issuer credit rating on the group Summit Properties Ltd.,” S&P said in a press release.

Proceeds are expected to be used for debt repayment and general corporate purposes, including acquisitions.

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