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S&P cuts La Financiere Atalian
S&P said it lowered its long-term issuer credit rating on La Financiere Atalian SAS to B from B+. The outlook is stable.
At the same time, S&P lowered the issue rating on the company's senior debt to B from B+. The recovery rating is unchanged at 4, indicating an expectation of average recovery (30%-50%; rounded estimate 35%) in the event of a payment default.
“The downgrade reflects our expectation that Atalian's leverage will be higher and funds from operations (FFO) to debt weaker than we previously forecast, with debt to EBITDA remaining above 5x and FFO to debt below 10% (our respective downgrade thresholds) in 2018 and 2019,” S&P said in a news release.
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