Twitter: S&P assigns 'BB-" corporate credit rating; Outlook 'Stable' (40.37 -2.18)
S&P assigned our unsolicited 'BB-' issue-level rating and unsolicited '3' recovery rating to the company's $1.8 billion convertible notes, which comprise $900 million 0.25% convertible notes due 2019 and $900 million 1% convertible notes due 2021. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%) of principal for debtholders in the event of a payment default.