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Research Update: ISS Group's Proposed €975 Million Senior Subordinated Notes Rated 'B-'; Group Ratings Affirmed Apr 06

  • ID: 1710736
  • April 2006
  • Standard & Poors
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  • ISS A/S
  • ISS Global A/S
  • ISS World Services A/S
  • MORE

On April 20, 2006, Standard & Poor's Ratings Services assigned its 'B-' rating to the proposed €975 million senior subordinated notes due 2016 to be issued by FS Funding A/S, a holding company in Denmark-based facilities services group, ISS. The proceeds will primarily be used for refinancing existing debt. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit ratings on FS Funding, and wholly owned subsidiaries ISS A/S and ISS Global A/S. The 'B' short-term corporate credit rating on ISS A/S was also affirmed. The outlooks on all the long-term corporate credit ratings are stable. Pro forma for the refinancing and including the debt raised in connection with the acquisition of Tempo Services Ltd. at the...

Companies mentioned in this report are:
- ISS World Services A/S
- ISS Global A/S

Action: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- ISS World Services A/S
- ISS Global A/S

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