S&P gives BB to Getlink notes

S&P said it assigned its BB long-term issuer credit rating to Getlink SE, a holding company within Getlink Group. The outlook is stable.

S&P also assigned a BB long-term issue rating to Getlink's proposed €500 million notes. The recovery rating on this debt is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in a default scenario.

Getlink is the ultimate parent of Eurotunnel Holding SAS.

“Our rating on Getlink reflects the track record of its core asset, the Channel Tunnel, in delivering strong operational performance, combined with the complexities of operating a large-span tunnel and its exposure to volume and price risks,” S&P said in a news release.

“The rating also reflects our assessment of the project's strong competitive position underpinned by an exclusive concession granted by the U.K. and French governments to operate the only fixed transportation link between the U.K. and France, which runs until 2086.”

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