S&P rates Credivalores-Crediservicios 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 $300 million. The tenure of the notes will be five years and will bear a fixed rate with semiannual interest payments.

The Colombia-based finance company will use the proceeds mostly to pay the secured debt and other credit bank facilities, and any remainder for business growth.

The issue-level rating also incorporates S&P’s expectation that Credivalores will hedge the notes with a cross-currency swap for the whole maturity to prevent any currency risk, S&P said in a news release.

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