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S&P rates Klarna notes B+
S&P said it assigned a B+ issue-level rating to Klarna Holding ABs planned 100 million-150 million of tier 2 nondeferrable, subordinated notes, the non-operating holding company of Klarna group. The notes will be drawn from the dual 3 billion medium-term note program of Klarna Holding and Klarna Bank AB.
The B+ issue rating reflects our analysis of the proposed instrument and the deduction of three notches from our ICR on Klarna Holding. As per the terms and conditions, we consider the instruments to be contractually subordinated to senior creditors' claims and deduct two notches due to the non-investment-grade starting point. In addition, the notes are available to absorb losses at the point of the company's nonviability via statutory loss absorption, leading to a further notch deducted, S&P said in a press release. ICR is issuer credit rating.
The outlook is stable.
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