S&P puts Marnix on positive watch

S&P said it placed its B ratings for Marnix French ParentCo and its senior secured debt on CreditWatch with positive implications.

Marnix is the parent company of Webhelp and Concentrix agreed to buy the subsidiary in a deal that values the unit at $4.8 billion.

“Once the transaction closes, we will resolve the CreditWatch, likely by raising the ratings by several notches, potentially up to the level of our rating on Concentrix Corp. (BBB/stable/--), depending on our assessment of Webhelp's stand-alone creditworthiness following debt repayment and its strategic importance to Concentrix. The CreditWatch resolution could also include a withdrawal of our ratings, given our expectation that Webhelp's debt will be refinanced at the closing of the transaction,” S&P said in a press release.

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