S&P rates Kabel notes B

Standard & Poor's said it assigned its B issue rating to the proposed senior unsecured notes due 2017 to be issued by Kabel Deutschland Holding AG. The agency said it also assigned a recovery rating of 6 to the proposed notes, indicating an expectation of negligible recovery in the event of a payment default.

At the same time, the agency said it placed its BB- issue rating on Kabel Deutschland's existing senior secured notes on CreditWatch with positive implications. The recovery rating on these notes is unchanged at 3.

The CreditWatch positive placement on the senior secured notes reflects the likelihood that S&P will raise the BB- issue rating on these notes by one notch when the senior unsecured notes have been issued, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.