S&P: Nitrogenmuvek notes BB-

Standard & Poor's said it assigned a BB- rating to the proposed $200 million unsecured notes due 2020 to be issued by Nitrogenmuvek Zrt.

The agency said it has not assigned a recovery rating to the notes because the recovery process in the jurisdiction of Hungary is not complete.

The proposed notes will constitute direct, unsecured and unsubordinated obligations of the parent company Nitrogenmuvek, S&P said, and will rank pari passu with Nitrogenmuvek's existing bank debt and with all other present and future unsecured and unsubordinated obligations.

As a result and because most of the company's trade payables are held at the parent company level, the agency said it believes the liabilities ranking ahead of the notes are relatively limited.

The company is expected to use proceeds to fund capital expenditures and general corporate purposes, the agency said.

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