S&P gives Radiance notes B-

S&P said it assigned its B- long-term issue rating to the proposed dollar-denominated senior unsecured notes that Radiance Group Co. Ltd. will guarantee. Radiance Capital Investments Ltd., a special purpose financing vehicle of Radiance Group, will issue the notes.

Radiance intends to use the proceeds to refinance its existing debt.

“We rate the guaranteed notes one notch below the issuer credit rating on Radiance Group to reflect subordination risk, similar to the company’s outstanding senior unsecured notes,” S&P said in a press release.

In January, Radiance sold $300 million of guaranteed senior notes with a 10˝% coupon.

The outlook is positive.

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