S&P puts Global Brass on positive watch

S&P said it placed the BB issuer credit and issue-level ratings on Global Brass and Copper Inc. on CreditWatch with positive implications.

Global Brass has reached a definitive agreement to be acquired by Wieland Holdings Inc., a subsidiary of German company Wieland-Werke AG, S&P said.

The positive watch on Global Brass reflects the greater scale, scope and diversity in the combined company, the agency said.

S&P said it expects that Wieland will pay off Global Brass's senior secured term loan B due 2025 when the acquisition closes.

The agency said it expects to discontinue all of the ratings on Global Brass after the close of the acquisition.

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