S&P gives Breeze Finance notes BBB, BB+

Standard & Poor's said it assigned its BBB rating to the €300 million class A senior secured amortizing notes due in 2026 and a BB+ rating to the €50 million class B subordinated notes due in 2016 issued by CRC Breeze Finance SA.

The outlook is stable.

In addition, S&P said it revised the recovery rating to 1 from a preliminary recovery rating of 2 to the class A notes.

According to the agency, the key support for the debt is provided through the favorable regulatory regimes in Germany and in France, which provides for long-term off-take agreements and fixed off-take prices while the key weakness is exposure to wind as a fuel source that cannot be controlled and can fluctuate substantially over time.

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