S&P ups Guala Closures, rates floaters B+

S&P said it raised its long-term issuer credit rating on Guala Closures SpA to B+ from B, removed the rating from CreditWatch positive and assigned a positive outlook.

S&P also assigned a B+ issue rating and 4 recovery rating to Guala's new proposed €450 million senior secured floating-rate notes due in 2024.

The agency withdrew its B long-term issuer credit rating on GCL Holdings SCA (GCL), Guala's prior parent company, because it is no longer the controlling entity of Guala.

S&P is also withdrawing its B issue rating and 4 recovery rating on the €510 million senior secured notes because Guala redeemed them on Aug. 2, when it drew the €450 million bridge facility and combined the business with Space4.

“The upgrade follows Guala's successful listing in the STAR segment of the Italian Stock Exchange via the merger with Space4 on Aug. 6, 2018. It is listed as Guala Closures SpA,” S&P said in a news release.

© 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.