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S&P assigns to Edison notes 3 recovery
Standard & Poor's said it assigned a recovery rating of 3 to various senior unsecured debt instruments issued by Edison SpA.
The recovery rating of 3 reflects 50% to 70% expected recovery in a default.
The BB+ ratings on the debt instruments remain on CreditWatch negative, where they were placed in March.
The recovery rating reflects a view that, in the event of a default, the company would be reorganized as a going concern, S&P said.
In addition, the company has a substantially unsecured capital structure with limited priority liabilities, the agency said.
Recovery expectations are limited because the company is domiciled in Italy, a jurisdiction that is considered relatively unfavorable for unsecured creditors, S&P said.
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