S&P rates Teleperformance notes BBB-

S&P said it assigned a BBB- rating to Teleperformance SE's proposed euro-denominated senior unsecured notes.

The proceeds will be used to refinance the remaining $750 million of the $1.5 billion acquisition bridge facility that it put in place to acquire Language Line Solution.

The rating on Teleperformance's proposed euro-denominated senior unsecured notes is the same as the BBB- long-term corporate credit rating on the company, the agency said.

The rating also considers a view of the marginal structural subordination of the proposed notes to Teleperformance's existing obligations, the agency said.

Almost all of the external debt is issued by Teleperformance and almost all of the group's debt is unsecured and ranks at the same seniority, S&P said.

While the proposed notes will benefit from the same guarantee package as the rest of the group's debt, the agency said it understands the proposed bonds will have no financial covenants.

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