S&P rates CNH Industrial revolver BB+

S&P said it assigned a BB+ rating and 4 recovery rating to CNH Industrial Finance SpA, CNH Industrial Finance Europe SA and CNH Industrial Finance North America Inc.'s €1.75 billion multi-currency revolving credit facility due June 20, 2021.

These companies are subsidiaries of CNH Industrial NV. The 4 recovery rating indicates 30% to 50% expected default recovery.

The company will use this facility for working capital and other general corporate purposes, S&P said.

CNH Industrial has guaranteed any borrowings under the revolving credit facility with cross-guarantees from each of the borrowers, S&P said.

The ratings on CNH Industrial are unchanged.

The ratings reflect the company’s solid market position as the second-largest agricultural equipment manufacturer globally and good positions in the construction equipment, truck and powertrain markets, the agency said.

CNH also is well positioned to withstand a cyclical downturn, such as the one the company is currently experiencing, S&P said.

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