S&P lifts HMS view to stable

Standard & Poor's said it revised the outlook on HMS Hydraulic Machines & Systems Group plc to stable from negative.

The agency also said it affirmed the company's B+ long-term corporate credit rating and long-term Russia national scale rating at ruA+. The recovery rating of 5 remains unchanged.

The outlook revision mainly reflects an assessment that does not see the group's liquidity deteriorating to weak, which was a driving concern of the previous negative outlook following debt-financed acquisitions in mid-2012, S&P said.

Although liquidity has not improved to adequate, the company has successfully refinanced the bank lines drawn for its two 2012 acquisitions with long-term bank lines, thereby lengthening its debt-maturity profile, the agency said.

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