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S&P rates Lufthansa notes BB-
S&P said it assigned BB- issue ratings to the senior unsecured notes due 2023 and 2027 issued by Deutsche Lufthansa AG. The recovery rating on the notes is 3, indicating an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 65%) in default. Lufthansa sold the notes under its €10 billion debt issuance program.
The agency said it rates the notes at the same level as Lufthansa’s issuer rating.
The company is expected to use the proceeds for general corporate purposes, including the repayment of existing debt.
The issue rating and the recovery rating on the airline’s senior unsecured debt are unchanged, S&P said.
The outlook is stable.
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