S&P gives Credito Real notes BB+

S&P said it assigned its BB+ issue-level rating to Credito Real SAB de CV Sofom, ER's proposed four-year senior unsecured bonds for up to CHF 200 million.

The agency said the rating on the new bonds is at the same level as the long-term global scale issuer credit rating because the firm's secured debt represented less than 15% of adjusted assets as of Sept. 30, 2017, and its unencumbered assets completely cover unsecured debt.

The bonds will rank equally in right of payment with all of the company's existing and future senior unsecured debt.

S&P said it expects the company to use the proceeds for debt refinancing–around $87 million–and for general corporate purposes.

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