S&P affirms Element Materials

S&P said it affirmed its B long-term issuer credit rating on Element Materials Technology Ltd. and on its subsidiaries, Greenrock Midco Ltd. and Greenrock Finance Inc. The outlook is stable.

At the same time, S&P affirmed its B issue rating on the Element's upsized senior debt. The 3 recovery rating is unchanged, reflecting an expectation of average (50%-70%; rounded estimate: 50%) recovery in the event of payment default.

The affirmation follows a number of planned revisions to Element's capital structure.

“We view the transaction as broadly neutral to credit quality, as there are no material changes to our adjusted leverage calculation,” S&P said in a news release.

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