S&P rates Exor BBB+

S&P said it assigned a BBB+ long-term and A-2 short-term corporate credit ratings to Exor NV.

The agency also said it affirmed the BBB+ rating on Exor's senior unsecured notes.

The outlook is negative.

On Dec. 11, the group finalized a cross-border merger of Exor SpA into Exor Holding NV, which was announced during the summer of 2016, S&P said.

This relocation to the Netherlands is neutral to the credit quality of the group in the agency’s view, S&P said.

S&P said it assigned Exor Holding NV at the same level as Exor SpA.

The group's relocation aims to align its corporate structure with the global profile of its operating subsidiaries, while streamlining its corporate structure, the agency said.

Broadly, 85% of the group's gross assets are either Netherlands-headquartered or directly owned by Dutch subsidiaries, S&P added.

The transaction is not expected to create a liquidity strain, material cash outflows or debt impact that would put the loan-to-value ratio under further pressure, the agency said.

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