S&P puts syncreon on positive watch

S&P said it placed its ratings on syncreon Intermediate BV and its debt, including the $125.5 million first-out term loan rated B with a 2 recovery rating, on CreditWatch with positive implications.

The placement follows DP World Logistics FZE reporting the planned acquisition of syncreon for an enterprise value of $1.2 billion, the agency said.

“Although the specific details of the transaction are yet to be disclosed and regulatory approval is pending, we believe that the transaction could strategically improve syncreon's market position,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch when the deal closes and after it evaluates the implications of the ownership change for the company's business risk and financial risk profile.

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