S&P cuts Kerling to negative

Standard & Poor's said it revised its outlook to negative from stable on Kerling plc.

At the same time, the agency said it affirmed the B long-term corporate credit rating on Kerling.

Additionally, the agency affirmed the BB- issue rating on the group's €40 million senior secured revolving credit facility. The recovery rating on the revolver is 1.

S&P said it also affirmed the B issue ratings on the company's €785 million secured loan notes and €75 million senior secured loan notes. The agency revised downward the recovery ratings on both issues to 4 from 3, indicating that S&P now expects average recovery prospects for creditors in the event of a payment default.

The agency said the outlook revision reflects Kerling's weak operating performance in the first nine months of 2012 and S&P's forecast of continued challenging operating conditions in the European PVC industry in 2013.

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