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S&P rates Deutsche Raststatten loan BB, notes B
Standard & Poor's said it assigned a preliminary BB- long-term corporate credit rating to Deutsche Raststatten Gruppe IV GmbH under its updated criteria for rating corporate industrial companies, which was published Nov. 19.
Deutsche Raststatten Gruppe IV is a subsidiary of Deutsche Raststatten Gruppe GmbH. The company and its subsidiaries are known together as Tank & Rast.
S&P also said it assigned a preliminary rating of BB to the €1.45 billion senior secured facilities due in 2018 and 2019 to be issued by Deutsche Raststatten Holding GmbH. The preliminary recovery rating on these facilities is 2, indicating 70% to 90% expected default recovery.
The agency also assigned a preliminary issue rating of B to the €460 million second-lien notes due in 2020 to be issued by Deutsche Raststatten Gruppe IV. The preliminary recovery rating on these notes is 6, indicating 0% to 10% expected default recovery.
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