S&P rates Onorato loans, notes BB-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Onorato Armatori SpA.

The outlook is developing.

At the same time, the agency assigned its BB- issue rating to the senior secured €60 million revolving credit facility, €200 million term loan A and €300 million senior secured notes. It also assigned a 2 recovery rating to the senior secured debt, indicating an expectation of substantial recovery (70%-90%) for the secured lenders in the event of a payment default.

S&P said the rating reflects Onorato Armatori’s exposure to the cyclical transportation industry, which it views as high risk, and the narrow business scope compared with other global ship operators and transport service providers.

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