S&P affirms Altran Technologies

S&P said it affirmed its preliminary BB long-term issuer credit rating on Altran Technologies SA. The outlook is stable.

At the same time, the agency affirmed the preliminary BB issue rating on Altran's senior secured seven-year €2.125 billion term loan B (€1.88 billion and $300 million facilities), and five-year €250 million revolving credit facility.

The preliminary 4 recovery rating reflects an expectation of average recovery prospects (30%-50%; rounded estimate: 45%) in the event of a payment default.

“We are affirming our preliminary ratings on Altran Technologies because the expected repayment of the €250 million bridge facility and prepayment of €500 million of the senior secured seven-year €2.125 billion term loan B with proceeds from the €750 million new equity issuance, will take place beyond the 90 days period of validity of our initial preliminary ratings assignment,” the agency said in a news release.

“However, we expect this repayment will take place in the second quarter of 2018, and that the transaction will close in line with our expectations.”

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