S&P upgrades Grifols

Standard & Poor's said it raised the long-term corporate credit rating to BB from BB- on Grifols SA.

The agency also raised the rating on Grifols' senior secured bank debt to BB+ from BB. The recovery rating remains unchanged at 2, indicating 70% to 90% expected recovery.

S&P also raised the rating on its unsecured notes to B+ from B. The recovery rating on this instrument remains unchanged at 6, indicating 0% to 10% expected recovery.

The outlook is stable.

The upgrade reflects an opinion that Grifols will continue its solid performance thanks to persistent growing demand from health care providers worldwide for blood plasma-derivative products, S&P said.

This should lead to a reduction in its adjusted leverage to close to 4x by the end of 2012, the agency said, and sustainably below 4x thereafter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.