S&P gives Imerys notes BBB

S&P said it assigned a BBB issue rating to Imerys SA's (BBB/stable/--) senior unsecured bonds.

The bonds include the €400 million 2.5% medium-term notes due 2020, the €300 million 0.875% medium-term notes due 2022, the €500 million 2% medium-term notes due 2024 and the €300 million 1.875% medium-term notes due 2028.

The BBB long-term corporate credit rating on Imerys and the BBB issue rating on its senior secured €600 million 1.5% medium-term notes due 2027 are unchanged.

S&P said the rating on the new bonds reflects its review of Imerys' debt structure, under which the agency concluded that there is no material structural or contractual subordination to the senior unsecured instruments.

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