Italy-based financial services company Cerved Group completed a merger of its holding companies Castor SpA, Castor Bidco SpA, and Cerved Group SpA with Cerved Group SpA as the sole surviving entity and issuer of the group's senior secured notes and revolving credit facility. We therefore assigned our 'B-' long-term issuer credit rating to Cerved Group and affirmed our 'B-' issue-level rating on the existing senior secured notes, with a recovery rating of '3'. The ratings are in line with our previous credit assessment of Castor, because we view the group's credit assessment as unchanged. With the merger, we withdrew our issuer credit rating on Castor SpA; its debt has been transferred to Cerved Group. The stable outlook reflects our view
