(The following statement was released by the rating agency)
Dec 10 -
Summary analysis -- CRC Breeze Finance S.A. ----------------------- 10-Dec-2012
CREDIT RATING: None. Please see issue list. Country: Luxembourg
Primary SIC: Special Purpose
The long-term debt rating on the EUR300 million class A senior secured amortizing notes, issued by CRC Breeze Finance S.A. (Breeze Two), is ‘B-'. The long-term debt rating on the EUR50 million class B subordinated notes, also issued by Breeze Two, is ‘C’. The outlook on both types of debt is stable.
In addition, Breeze Two has EUR120 million of class C notes (not rated) outstanding, which rank below the class A and B notes. The class A and C notes mature in 2026, whereas the B notes mature in 2016.