S&P rates Beni Stabili notes BBB-

S&P said it assigned a BBB- issue rating to Beni Stabili SpA SIIQ’s proposed senior unsecured notes, in line with the BBB- long-term corporate credit rating on the company.

The agency said it expects Beni Stabili to use the proceeds to refinance existing unsecured debt maturing in 2019.

“Beni Stabili has a good track record of replacing secured debt with unsecured debt and, in our view, clearly intends to continue to act in a similar way. This is reflected in a secured debt-to-total-assets ratio that we expect will remain below 25% on a group share basis,” S&P said in a news release.

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