S&P revises Munters to negative

Standard & Poor's said it revised its outlook on Munters AB to negative from stable.

At the same time, the agency affirmed its B long-term corporate credit rating on the company. It also affirmed the B issue ratings on Munters' $280 million senior secured term loan and $45 million revolving credit facility. The recovery rating on these facilities is 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

S&P said the outlook revision primarily reflects Munters' weaker-than-expected operating performance and the increased risk for tightening headroom under its leverage covenant in the coming 12 months, if the company is unable to improve its operating results or any further operational setback emerges.

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