S&P puts S&B Minerals on positive review

Standard & Poor's said it placed S&B Minerals Finance SCA’s B+ long-term corporate credit rating and the B+ issue rating on its €275 million senior secured bonds on CreditWatch with positive implications.

The CreditWatch placement follows Imerys SA's announcement that it entered into an agreement to buy the entire capital of S&B for €525 million, of which roughly €311 million is to be paid in cash and about €214 million in new Imerys shares.

S&P said it believes that S&B's integration into this group, excluding its bauxite operations, may be positive for S&B's credit quality. Its view factors in Imerys' size, diversity and leverage, with net debt to EBITDA of 1.3 times as of June 30, prior to the transaction.

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