...June 26, 2024 This report does not constitute a rating action. PARIS (S&P Global Ratings) June 26, 2024-- S&P Global Ratings said today that engineering and technology service provider Expleo Group's (B-/Positive/--) 60 million fungible add-on to its E+500 basis point (bps) term loan B due in 2027 is broadly neutral to the credit rating. Proceeds will be used to repay the S+650 bps ú50 million term loan B tranche, hence the transaction is leverage neutral for Expleo and moderately reduces its interest expense. Our 'B-' long-term issuer credit rating and positive outlook on Expleo Group and its subsidiaries, Assystem Technologies and Expleo Services SASU, are unchanged. Furthermore, our 'B-' issue rating on Expleo Group's 610 million term loan B (including the 60 million proposed term loan B add-on), and 115 million RCF is unchanged as well. The '3' recovery rating remains unchanged, reflecting our expectation of meaningful recovery prospects (50%-70%; rounded estimate: 55%) in the case...
