S&P rates Cortefiel notes B, revolver BB-

S&P said it assigned its preliminary B long-term corporate credit rating to Masaria Investments, SAU, the parent of Cortefiel.

The outlook is positive.

The agency also assigned a preliminary B issue rating to the group's proposed five-year €600 million senior secured notes, split across two fixed and variable-rate tranches. The preliminary recovery rating is 4, indicating expectations of average recovery (30%-50%; rounded estimate: 40%) in the event of default.

S&P assigned the preliminary BB- issue and 1 recovery ratings to the proposed €200 million super senior revolving credit facility, reflecting an expectation of very high recovery prospects (90%-100%; rounded estimate: 95%) in the event of default.

The agency said the long-term rating is supported by the moderate amount of financial debt, a positive trend of earnings growth, its well-established brands, and a broad geographic footprint.

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