ֳ

Entity

Circet Europe SAS

EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
B+Affirmed22-Nov-2024Long Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :22-Nov-202430-Nov-202305-Dec-202209-Dec-202129-Jun-2021
Rating :B+B+B+B+B+(EXP)
Action :AffirmedAffirmedAffirmedNew RatingExpected Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Issuer: Circet Europe SAS
Debt Level: senior secured
Issue: EUR 2 bln Floating Term Loan B 13-Oct-2028
22-Nov-2024
BB-
Affirmed
Long Term Rating
RR3 51%

Rating History
Country: France
Sectors: Corporate Finance
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior secured; Term Loan B
Maturity Date: 13-Oct-2028
Currency: EUR
Amount: 2,000,000,000
Placement: Public
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06Disclosures

Original Rating Date
Long Term Issuer Default Rating29-Jun-2021
Endorsement Status
EU Issued, UK Endorsed
Country of ֳ Office
GERMANY
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
GERMANY

07Identifiers

Type:LEI
Identifier:969500GH3D3KICWW8M40

08Criteria

02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
21Jun
2024
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 21 June 2024 to 6 December 2024
03Nov
2023
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 3 November 2023 to 21 June 2024
03Nov
2023
Expired Criteria
Corporate Rating Criteria - Effective 3 November 2023 to 6 December 2024
13Oct
2023
Expired Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria - Effective from 13 October 2023 to 2 August 2024
More Criteria

09Analysts

Evgeniya Chernyaeva
Primary Rating Analyst

Ilari Lyytikäinen
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 
Recovery Ratings Key
Outstanding
RR1		Superior
RR2		Good
RR3		Average
RR4		Below-Average
RR5		Poor
RR6

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red