S&P assigns Saderea bonds B-

Standard & Poor's said it assigned its B- credit rating to Saderea Ltd.'s senior bonds.

This transaction is a repackaging of the Republic of Ghana's promissory notes. At closing, Saderea used the senior bonds' issuance proceeds (net from certain fees and expenses of the issuer) to purchase the collateral. The issuer passes 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. As such, the agency’s criteria for repackaged securities link its rating on the senior bonds to its long-term B- sovereign rating on Ghana.

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