S&P affirms Getronics

Standard & Poor's said it affirmed its B- long-term corporate credit rating on Getronics NV, affirmed the CCC rating on its senior unsecured notes and the B- rating on the company's €215 million senior secured credit facilities. The recovery rating on the credit facilities is 4, indicating S&P's expectation of marginal recovery of principal in the event of a payment default.

The outlook is negative.

The rating continues to reflect ongoing margin pressure in the company's core managed services operations, a very weak free cash flow track record and resulting aggressive debt measures, the agency said.

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