Dec 10 -
Summary analysis -- Breeze Finance S.A. --------------------------- 10-Dec-2012
CREDIT RATING: None. Please see issue list. Country: Luxembourg
Primary SIC: Misc. business
The long-term debt rating on the EUR287 million class A senior secured amortizing notes issued by Breeze Finance S.A. (Breeze Three) is 'B'. The long-term debt rating on the EUR84 million class B subordinated notes is 'C'. These ratings reflect Standard & Poor's Ratings Services' view of the respective underlying credit quality of these bonds, and take into account a composite of factors outlined below. The outlook on both debt issues is stable.
In addition, Breeze Three issued EUR84 million of class C notes (not rated), which rank below the class A and B notes. All of the bonds mature on April 19, 2027.