S&P: CNH Industrial notes BB+

Standard & Poor's said it assigned a BB+ rating to CNH Industrial Finance Europe SA's proposed senior unsecured note offering.

CNH Industrial Finance Europe is a subsidiary of CNH Industrial NV, the guarantor.

The recovery rating is 4, indicating 30% to 50% expected default recovery.

The proceeds will be used for general corporate purposes.

The ratings reflect the company's satisfactory business risk profile and significant financial risk profile, S&P said.

CNH Industrial became the successor entity to Fiat Industrial SpA as a result of the merger of Fiat Industrial and its majority-owned subsidiary, CNH Global NV, the agency said.

The ratings also consider the company's position as the second-largest agricultural equipment manufacturer globally and well-established global player in the truck, construction equipment and powertrain markets, S&P said.

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