S&P rates Saderea bonds B-

Standard & Poor’s said it assigned a preliminary B- credit rating to Saderea Ltd.’s senior bonds.

This transaction is a repackaging of the Republic of Ghana’s promissory notes, S&P said.

At closing, Saderea will use the proceeds to purchase the collateral. The issuer will pass through to the repack notes any payments that it receives from the promissory notes, according to the priority of payments, S&P said.

The key risk for the repack notes is the credit risk of Ghana as the underlying collateral’s issuer, the agency said.

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