Cerved refinanced its existing €300 million senior secured notes and €230 million subordinated notes in January 2016. We are affirming our 'BB-' long-term corporate credit rating on Cerved and are withdrawing the rating at the issuer's request. We are also withdrawing all issue ratings on Cerved's debt, following the debt repayment. The outlook was stable at the time of the withdrawal. On Feb. 16, 2016, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Italian-based information services provider Cerved Group S.p.A. Subsequently, we withdrew our ratings on Cerved and its debt, at the issuer's request. In January 2016, Cerved refinanced its €300 million senior secured fixed-rate notes, which we rated 'BB-', with a recovery rating of
