S&P gives BB- to Kaefer Isoliertechnik notes

S&P said it assigned its BB- long-term issuer credit rating to Kaefer Isoliertechnik Gmbh & Co. KG. The outlook is stable.

S&P also assigned an issue rating of BB- to Kaefer’s proposed senior secured notes. The recovery rating of 4 indicates an expectation of average recovery of 30%-50% (rounded estimate, 40%) in the event of a payment default.

The BB- rating on Kaefer incorporates S&P’s view of the group's weak business risk profile and significant financial risk profile, S&P said in a news release.

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