S&P rates Manutencoop notes B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Manutencoop Facility Management SpA. The outlook is stable.

At the same time, S&P assigned a B+ issue rating to the company's €425 million senior secured notes. The recovery rating on the notes is 3, indicating an expectation of meaningful (50%-70%) recovery for lenders in the event of a payment default.

The rating on Manutencoop reflects S&P's assessment of the company's financial risk profile as "highly leveraged" and business risk profile as "fair," the agency said.

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