S&P rates Grand City bonds BB-

Standard & Poor's said it assigned its BB- issue rating to the proposed €100 million senior secured bonds due 2020 to be issued by Grand City Properties SA. The recovery rating on the proposed bonds is 3.

S&P said it understands that the proposed bonds will benefit from the same security package and similar documentation to the existing senior secured convertible bonds due 2017, albeit without the convertibility features. The agency therefore considers that the proposed bonds rank pari passu with the existing senior secured convertible bonds.

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