S&P rates House of HR, facilities B+

S&P said it assigned a preliminary B+ long-term corporate credit rating to Thohr II NV (House of HR), and to House of Finance NV.

The outlook is stable.

At the same time, the agency assigned a preliminary B+ issue rating to House of Finance's proposed €600 million senior secured term loan maturing in 2024 and €80 million senior secured revolver maturing in 2024.

The 4 recovery rating reflects an expectation of average recovery prospects (30%-50%; rounded estimate: 40%) in the event of a payment default.

S&P said the rating reflects the group's moderate diversification across several staffing segments, including specialist staffing, general staffing and engineering and consulting segments, as well as its wide customer end-market diversity.

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