S&P rates Lufthansa notes BB-

S&P said it assigned its BB- issue rating to the proposed senior unsecured notes due 2025 and 2028 to be issued by Deutsche Lufthansa AG. The recovery rating is 3, indicating meaningful recovery prospects (50%-70%; rounded estimate: 65%) in default. The notes will be issued under the €4 billion debt issuance program.

“We rate the proposed notes at the same level as our long-term issue credit rating on Lufthansa (BB-/negative/B),” S&P said in a press release.

Lufthansa is expected to use the proceeds for general corporate purposes and repayment of the state aid package.

The issue credit rating and recovery rating on the outstanding senior unsecured debt are unchanged.

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