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S&P rates ContourGlobal bonds BB-
Standard & Poor's said it assigned a preliminary BB- rating to ContourGlobal Power Holdings SA's proposed $400 million senior secured bonds due in 2019.
The agency also said it assigned to the bonds a preliminary recovery rating of 2, indicating 70% to 90% expected default recovery.
The corporate credit rating on ContourGlobal's parent, ContourGlobal LP, was affirmed at B+.
S&P also said it assigned a preliminary corporate credit rating of B+ on ContourGlobal Power.
The outlook is stable.
The rating on the bonds reflects the application of a project-developer methodology, S&P said. The financial profile on the company is considered aggressive and its business profile is considered weak, the agency said.
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