Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Sarens Finance Co. NV > News item |
S&P downgrades Sarens
S&P said it lowered its long-term issuer credit ratings on Sarens Bestuur NV and Sarens Finance Co. NV to B+ from BB-.
The outlook is negative.
At the same time, the agency affirmed the issue rating on the group's €250 million senior unsecured debt issued by Sarens Finance at BB-.
S&P said that although it calculates recovery prospects comfortably above 85%, it caps the recovery rating at 2, reflecting the unsecured nature of the notes.
The agency said the downgrade reflects revised expectations for Sarens for fiscal-year 2018.
“The group continues to experience challenging conditions in some of its end markets, coupled with higher-than-expected subcontracting costs,” S&P said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.