S&P gives 4finance notes B+

S&P said it assigned its B+ issue rating to the new €100 million senior unsecured notes issued by 4finance SA, a subsidiary of 4finance Holding SA (B+/stable/--).

The recovery rating on the notes is 3, indicating an expectation of meaningful recovery in the higher half of the 50%-70% range for noteholders, in the event of a payment default.

The B+ issue rating is in line with 4finance Holding’s long-term counterparty credit rating and with the agency’s analysis of the group's proposal to issue notes in January 2016.

The notes will be guaranteed by non-operating holding company 4finance Holding

In line with S&P’s previous assessment, the amount of senior unsecured borrowing taken on by 4finance has led the agency to rate both the newly issued notes and outstanding pari passu notes B+. This new euro-denominated senior unsecured debt issue replaces the U.S. dollar issuance proposed in January.

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