Opus Group AB (publ)#s Series 2017 Notes Assigned Rating

Stocks and Financial Services Press Releases Wednesday October 11, 2017 08:55
NEW YORK--11 Oct--S&P Global Ratings

NEW YORK (S&P Global Ratings) Oct. 10, 2017--S&P Global Ratings today assigned its 'AA-/A-1+' rating to Opus Group AB (publ)'s $50 million variable-rate multiple draw taxable demand notes (for the Opus Group AB (publ) project) series 2017 due Oct. 1, 2032.

The 'AA-/A-1+' rating on the notes reflects our view of the creditworthiness of the letter of credit (LOC) provider, which is based on the lower of our long- and short-term issuer credit ratings on Swedbank AB ('AA-/A-1+'), the LOC provider's parent, and our long- and short-term foreign currency ratings on the U.S. ('AA+/A-1+'), the jurisdiction where the LOC provider is located. For more information on bank branch ratings, see "Methodology Applied To Bank Branch-Supported Transactions," published Oct. 14, 2013.

The 'AA-' long-term component of our rating addresses our expectation of full and timely interest and principal payments when the noteholders have not exercised the put option. The 'A-1+' short-term component of our rating addresses our expectation of full and timely interest and principal payments when the noteholders have exercised the put option. The rated mode (weekly interest rate mode) is the only interest mode for these notes.

In view of the note structure, changes to our rating on the notes can result from, among other things, changes to our ratings on the LOC provider's parent or the sovereign or amendments to the transaction's terms. We will maintain a rating on the notes as long as they are in the rated mode and the LOC has not expired or otherwise terminated. If either of these conditions changes, we will likely withdraw our rating on the notes.


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