SPCM has announced its intention to issue $450 million in senior unsecured notes due 2025. The group plans to use the proceeds of the proposed notes to fully repay the $250 million notes due 2022 (2022 notes) and to repay any outstanding amount under the €350 million revolving credit facility with any residual cash held on the balance sheet. We are therefore affirming our 'BB+' long-term rating on SPCM and our 'BB+' issue rating on its existing senior unsecured debt. We are also assigning our 'BB+' issue and '3' recovery ratings to the proposed notes. The stable outlook reflects our view that SPCM's operating performance will remain resilient in 2017, with an adjusted funds from operations-to-debt ratio at about 25%,
