S&P reviews Clondalkin

Standard & Poor's said it placed the B long-term corporate credit rating on Clondalkin Industries BV on CreditWatch with developing implications.

The agency also placed the B issue ratings on the revolving credit facility and on the senior secured first-lien term loan as well as the CCC+ ratings on the secured second-lien term loan borrowed by Clondalkin Acquisition BV on CreditWatch developing.

S&P said the CreditWatch placement reflects the uncertainty over the use of the disposal proceeds, which are yet to be publicly allocated. Under the agency’s criteria, a developing designation is used for unusual situations in which future events are sufficiently unclear that the rating could be either raised or lowered.

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