...July 28, 2020 PARIS (S&P Global Ratings) July 28, 2020--S&P Global Ratings today assigned its '##' issue rating and '3' recovery rating to Faurecia SE's proposed 250 million add-on to its 700 million senior unsecured notes due 2025 and to the proposed 500 million senior secured notes due 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) 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 to redeem its existing 800 million club deal loan maturing in October 2021. We expect that the proposed transaction will be almost neutral for the company's credit metrics because it is a pure refinancing. Our '##' long-term issuer credit rating on Faurecia embeds our belief that the company will retain leading market positions in its three largest divisions (seating systems, interiors, and clean mobility) and reinforce its strict cost discipline....
