Standard and Poor’s new long-term issue rating of ‘BBB’ (stable) on a €186 million bond to finance the re-acquisition of 25 senior care homes in Belgium was picked up by project finance specialist publication IJGLobal. The bond, issued by Luxembourg-based special-purpose vehicle MRE-Silverstone-I S.A., pays a fixed coupon of 3.6% with an eleven-year maturity.
The credit rating reflects the relatively low operational risk, satisfactory competitive position, and supportive supply and demand dynamics for this service. The stable outlook reflects expectations that the project’s operational performance will remain stable, with occupancy rates at 96%-98% and good service standards.
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