S&P rates Darling Ingredients notes BB+

S&P said it assigned its BB+ issue-level rating to Darling Global Finance BV's proposed €515 million senior unsecured notes due 2026.

Darling Ingredients Inc. will guarantee the notes.

Proceeds together with cash and available liquidity will be used to tender the company's €515 million senior unsecured notes due 2022.

S&P said the recovery rating on this debt is 4, indicating an expectation for an average recovery (30%-50%; rounded estimate: 35%) in the event of a payment default.

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