S&P rates Credivalores notes B

S&P said it assigned its B issue-level rating to Credivalores - Crediservicios SAS' (B+/stable/B) proposed senior unsecured notes for up to $100 million. The tenure of the notes will be two or three years and will bear a fixed rate.

S&P said its B rating on the proposed debt is one notch below the long-term issuer credit rating. The debt rating reflects the lender's secured debt that represented more than 30% of adjusted assets as of Sept. 30, 2016, and its unencumbered assets will cover 2.0x the maximum amount of the rated unsecured debt.

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