...+ On July 2, 2018, Mercury UK HoldCo announced that it had completed the reorganization process entailing the carve-out of its payments business under Latino Italy SpA (renamed Nexi). + Nexi will be the guarantor for Nexi Capital SpA, the vehicle that issued 2.6 billion senior secured debt to finance the reorganization and to repay existing debt. + We understand after Nexi Capital SpA merges with Nexi, its parent entity, Nexi will assume Nexi Capital SpA's issuer obligations. + We are therefore assigning our 'B+' issuer credit rating to Nexi and our 'B+' issue rating to 2.2 billion of the total 2.6 billion senior secured debt issued to finance the transaction. The ratings are in line with the preliminary ratings we assigned on April 30, 2018. + The stable outlook reflects our view that Nexi will increase its EBITDA margin to above 40% in 2018-2019 and maintain its leverage ratio at least at the current level. MILAN (S&P Global Ratings) July 5, 2018--S&P Global Ratings said today that it...
