S&P changes Promontoria MCS view

S&P said it revised its outlook on Promontoria MCS to stable from negative.

At the same time, the agency affirmed the BB- long-term issuer credit rating.

S&P also affirmed the BB- issue rating on the group's senior secured notes and revised the recovery rating on the notes to 3 from 4, indicating an expectation of meaningful recovery (50%-70%) in the event of a payment default.

The agency said the outlook revision follows the company’s announcement of the acquisition of DSO by nonoperating holding company Louvre Bidco.

“We expect that the impact on MCS' credit ratios will be limited, in part due to equity contributions from BC Partners, Montefiore Investment, and both companies' management, and that the transaction will support MCS' position and scale in the French debt purchasing and servicing market,” S&P said in a news release.

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