S&P rates Bright Food notes BBB-

S&P said it assigned its BBB- long-term issue rating to Bright Food Singapore Holdings Pte. Ltd.’s proposed euro-denominated senior unsecured notes. Bright Food Singapore is a wholly owned subsidiary of Bright Food International Ltd., which will guarantee the notes.

“We believe that – in the event of financial distress or a default – the senior unsecured noteholder of the company will likely benefit from extraordinary government support through Bright Food (Group) Co. Ltd. (BBB/stable). Such support mitigates the structural subordination risk of the notes,” S&P said in a press release.

The agency said it expects BFI to use the issuance proceeds to refinance the €800 million of lion notes due July 18.

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