S&P rates Titan Holdings notes CCC+

S&P said it assigned its preliminary CCC+ issue rating and 6 recovery rating to Titan Holdings II BV's planned €375 million of senior subordinated notes due 2029.

“The preliminary rating is constrained by the subordinated nature of the senior unsecured notes and reflects our expectation of negligible recovery prospects in the event of a default (0%-10%, rounded estimate: 0%),” S&P said in a press release.

The outlook is stable.

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