S&P rates Tivana bonds BBB-

Standard & Poor’s said it assigned a BBB- long-term corporate credit rating to Tivana France Holdings SAS and its subsidiary TDF Infrastructure SAS.

The outlook is stable.

The agency also said it assigned a BBB- rating to TDF Infrastructure’s proposed senior unsecured bonds of between €700 million and €1.4 billion.

S&P also said it raised the corporate credit rating on TDF Infrastructure Holding SAS to BBB- and removed the rating from CreditWatch positive, where it was placed in February.

The ratings consider the group’s recent acquisition by a consortium of infrastructure and pension funds after the carve-out of the Hungarian and German businesses, the agency said.

The change in ownership leads to a reassessment of the group’s financial risk profile as significant from highly leveraged, S&P said.

The ratings also reflect a marked shift in the group’s financial policy since the consortium has a long-term investment horizon and commits to maintaining credit metrics consistent with an investment-grade rating, the agency said.

These strengths are partly offset by its concentrated customer base, S&P said.

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