S&P revises Munters to stable

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

The B long-term corporate credit rating was affirmed.

The agency also affirmed its B issue rating on Munters' $280 million senior secured term loan. The recovery rating remains at 4, indicating an expectation of recovery in the higher half of the 30%-50% range in the event of a payment default.

S&P said the actions follow the improvement in Munters' earnings and operating cash flows in 2015, following significant restructuring costs and weaker-than-expected performance during 2013 and 2014.

Thanks to cost efficiency measures during the year and a strong order book, the agency now expects EBITDA for 2016 to be between SEK 660 million (about $81 million) and SEK 720 million, and the margin at 12%-13%.

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