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S&P lifts Picard notes
Standard & Poor's said it raised its long-term corporate credit rating on Picard Groupe SAS to B+ from B.
The outlook is stable.
The recovery rating on the €300 million senior notes due 2018 issued by one of Picard's holding companies, Picard BondCo, is unchanged at 4.
The issue rating was raised to B+ from B, in line with the upgrade of the corporate credit rating on Picard.
At the same time, the debt rating on the payment-in-kind notes, issued by Picard's other holding company, Picard PIKCo, was raised to B- from CCC+. The issue rating is still two notches below the corporate credit rating on Picard. The recovery rating remains unchanged at 6.
S&P said the upgrade reflects its view that Picard's credit ratios have markedly improved over the past 12 months. The agency calculates a cash EBITDA-to-interest ratio, adjusted for operating leases, of about 3 times at fiscal year-end 2013 (ended March 31), compared with 2.4 times in fiscal 2012.
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