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S&P elevates Emeco
S&P said it raised its issuer credit rating on Emeco Holdings Ltd. to B from B-. The outlook is stable.
In addition, the agency raised its issue rating on Emeco Pty Ltd.'s senior secured US$355.9 million 9¼% notes to B from B-. The recovery rating remains unchanged at 4 (35%), indicating average recovery prospects in the event of a payment default.
“We upgraded Emeco based upon the completion of the hedging of its US$355.9 million 9¼% senior secured notes maturing in 2022 with cross currency interest rate swaps,” S&P said in a news release.
“In our view, the fully hedged senior secured notes have reduced the company's exposure to unfavorable currency movements and provides greater certainty that Emeco can sustain the improvement in its financial profile. The group also refinanced its existing A$40 million debt facility to a A$65 million revolving credit facility, which should support the company's liquidity position.”
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