S&P upgrades Dometic Group, rates loan BB-

Standard & Poor’s said it raised its long-term corporate credit rating on Dometic Group AB to BB- from B. The outlook is positive.

At the same time, S&P removed the rating from CreditWatch, where it was placed with positive implications on Nov. 5.

S&P also assigned a BB- issue rating to Dometic’s new SEK 5.8 billion senior unsecured bank facilities. The recovery rating is 3, indicating S&P’s expectation of recovery in the lower half of the 50%-70% range.

The upgrade follows Dometic’s successful IPO on the Stockholm Stock Exchange on Nov. 25, which brought in SEK 4.5 billion (about €500 million) and subsequent debt reduction.

Dometic used some of the proceeds to repay €314 million of payment-in-kind notes.

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