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.

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