...PARIS (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings today assigned its '###' issue rating to France-based minerals and specialty materials producer Imerys SA's (###/Stable/--) senior unsecured bonds, including the 400 million 2.5% Euro medium-term notes (EMTN) due 2020, the 300 million 0.875% EMTN notes due 2022, the 500 million 2% EMTN notes due 2024, and the 300 million 1.875% EMTN notes due 2028. Our '###' long-term corporate credit rating on Imerys and our '###' issue rating on its senior secured 600 million 1.5% EMTN notes due 2027 remain unchanged. The '###' rating on the new senior unsecured bonds reflects our review of Imerys' debt structure, under which we concluded that there is no material structural or contractual subordination to the senior unsecured instruments. In our assessment, we take into account that there is no material secured debt in the structure. We also factor in that the rated debt issued by Imerys under its EMTN program is senior unsecured, unsubordinated,...
