French Trade Show Organizer Comete Holding SAS 'B' Rating Affirmed On Sale To Credit Agricole Assurances; Outlook Stable
Credit Agricole Assurances proposes to acquire Charterhouse Capital Partner's stake in French trade show organizer Comexposium for €877 million, through newly created holding company Cassini SAS. We project that the acquisition financing will not lead to a material deterioration in Comexposium group's debt metrics. We are affirming our 'B' long-term rating on Comete Holding SAS, the current parent of Comexposium, and our 'B' rating on Comete's existing €455 million senior secured facilities. The outlook remains stable. We expect to withdraw the ratings on Comete upon completion of the proposed transaction. FRANKFURT (S&P Global Ratings) Jan. 25, 2019--S&P Global Ratings today took the rating actions listed above. The affirmation reflects our view that after the planned acquisition and refinancing of the existing senior secured facilities, Comete's debt projection metrics will not materially change. We believe that the group'