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S&P rates Planasa loan B
S&P said it assigned a preliminary B long-term corporate credit rating to Placin Sarl (Planasa).
The outlook is stable.
The agency also said it assigned a preliminary B rating to Planasa's €195 million term loan B.
The preliminary recovery rating on the senior secured debt is 3, indicating 50% to 70% expected default recovery.
The preliminary B corporate credit rating on Planasa reflects a view of the company's relatively small size, concentration in the plant nursery market and an assessment of its capital structure as highly leveraged due to the company's financial sponsor ownership, the agency said.
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