S&P rates Befesa BB-

S&P said it assigned a BB- long-term corporate credit rating to Befesa SA, the parent company of Bilbao (Luxembourg) SA and Befesa Zinc SAU.

The outlook is stable.

The agency also said it raised the corporate credit ratings on core subsidiaries Befesa Zinc and Bilbao (Luxembourg) to BB- from B, equalizing them with the rating on Befesa.

S&P also said it removed the ratings from CreditWatch positive, where they were placed in November and subsequently withdrew them at the company's request.

Following the company's recently completed refinancing, the agency understands there is no debt left at the level of these two entities.

S&P also said it assigned a BB- rating to the two main instruments of the refinancing package –the €526 million term loan B and €75 million revolving credit facility – both issued by Befesa.

The recovery rating is 3, indicating 50% to 70% expected default recovery.

The company's ratings and its debt are in line with the preliminary ratings assigned in November, the agency noted.

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