S&P: Gavilon on positive watch

Standard & Poor's said it placed the BB corporate credit rating and issue-level ratings on the Gavilon Group LLC on CreditWatch with positive implications.

The CreditWatch placement follows news that Marubeni Corp. will be acquiring 100% of the direct and indirect equity interests of Gavilon for an equity purchase price of about $3.6 billion, excluding debt, the agency said.

Gavilon's credit profile will improve with the acquisition by higher-rated Marubeni and that Gavilon will benefit from increased operating scale and international diversity, as well as parental support as part of Marubeni, the agency said.

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