S&P rates Werfen notes BBB-

S&P said it assigned its BBB- issue rating to the notes that Werfen SA (BBB-/stable/--) plans to issue under its existing €2 billion medium-term note program.

The issuance will have a long maturity date, S&P said.

Werfen will use the proceeds to amortize part of its existing term loan A, in line with the company’s strategy to extend the maturity profile of its capital structure and diversify its funding sources.

“Since Werfen will use the proceeds of the upcoming issuance to repay debt on its balance sheet, we view the transaction as credit neutral,” S&P said in a news release.

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