S&P gives Orionstone notes B

Standard & Poor's said it assigned its B corporate credit rating to Orionstone Pty Ltd.

The outlook is stable.

At the same time, S&P assigned its B issue rating to the company's proposed $200 million senior secured notes. The recovery rating is 3, indicating the expectation of a meaningful (50% to 70%) recovery in the event of a payment default.

The agency said it expects the debt proceeds to be used to refinance the company's existing debts, including debtor finance and hire purchase liabilities.

The ratings on Orionstone reflect its "vulnerable" business risk profile and "aggressive" financial risk profile, S&P said.

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