AccorInvest Group S.A. (AIG) plans to partly refinance its capital structure by issuing €1.25 billion senior secured notes, €550 million term loans and a €400 million revolving credit facility (RCF) to repay €1.5 billion term loans outstanding under its existing senior facilities agreement and a €405 million government-backed loan (?Pret garanti par l'Etat?; PGE). While the transaction is leverage neutral, we understand it will allow AIG more financial flexibility, alleviating some of the restrictions on its operational leeway in the previous debt documentation. We have therefore affirmed the ?B? long-term issuer credit rating on AIG and the ?B+? issue rating with a ?2? recovery rating on the company's existing €1.4 billion senior secured notes. The outlook on the issuer credit
