S&P lifts Edenrod debt

S&P said it reviewed the senior unsecured issue-level ratings for Edenred SA that were labeled as under criteria observation (UCO) after publishing its revised issue ratings criteria.

With the criteria review complete, S&P said it is removing the UCO designation from these ratings and raising the issue rating on Edenred's senior unsecured bonds to BBB+ from BBB.

The affected debt instruments comprise the €510 million 3.625% senior notes due October 2017, the €250 million 2.625% senior notes due October 2020, the €225 million 3.75% senior notes due May 2022, the €500 million 1.375% senior notes due March 2025 and the €500 million 1.875% senior notes due March 2027, S&P said.

These upgrades stem solely from the application of the newly revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

The action takes into consideration Edenred's capital structure, which consists of €1.985 billion of senior unsecured bonds, €250 million of private placement debt at the holding level and €132 million of bank debt at operating subsidiary level in Brazil, S&P said.

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