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S&P rates Service Corp. notes BB
S&P said it assigned a BB issue-level rating and 5 recovery rating to Service Corp. International's proposed $850 million of senior unsecured notes. The 5 recovery rating indicates S&P’s expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default.
The company plans to use the proceeds to refinance its $850 million of notes due 2024.
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