...November 13, 2019 PARIS (S&P Global Ratings) Nov. 13, 2019--S&P Global Ratings today assigned its '##+' issue rating and '3' recovery rating to the proposed 700 million senior unsecured notes due 2027 to be issued by Faurecia SE. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The proposed notes will rank pari passu with the existing unsecured debt at Faurecia SE. Faurecia will use the proceeds of the proposed notes to redeem its existing 700 million senior unsecured notes due 2023. We expect that the proposed transaction will be almost neutral to the company's credit metrics because it is a pure refinancing. ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors - Our issue rating and recovery rating on Faurecia's senior unsecured notes and on its 1.2 billion revolving credit facility (RCF) are '##+' and '3' respectively. Indicative recovery prospects are mainly constrained by factoring liabilities...
