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S&P cuts Eco-Bat, notes to CCC+
Standard & Poor's said it lowered its long-term corporate credit rating on Eco-Bat Technologies Ltd. to CCC+ from B.
The outlook is stable.
At the same time, the agency lowered its issue rating on the €300 million senior unsecured notes due February 2017 held by Eco-Bat Finance plc to CCC+ from B. The recovery rating is unchanged at 3, indicating an expectation of meaningful (50%-70%) recovery for noteholders in the event of a payment default.
S&P said the action reflects the uncertainty surrounding the repayment or refinancing plans for the payment-in-kind (PIK) loan of Eco-Bat's parent, EB Holdings II, Inc. The PIK loan matures in March 2017, and the agency expects it will total about £1.4 billion by the maturity date, larger than the enterprise value of EB Holdings II's 87% stake in Eco-Bat.
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