medium · Corporate Credit Analysis
NorthStar Industries has a B-rated Issuer Credit Rating (ICR). It issues Senior Secured Notes with an estimated recovery of 95%. Under S&P Global Ratings' speculative-grade recovery framework, assume the notes qualify for Recovery Rating 1 and its +2-notch issue-rating uplift.
What is the likely rating of these specific notes?
- BB-
- BB+
- B-
- B+
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