S&P: Kerling view developing

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

S&P also said it affirmed its B- long-term corporate credit rating and the B- ratings on Kerling's senior secured debt.

The recovery rating on this debt is unchanged at 4, indicating 30% to 50% expected default recovery.

The outlook revision follows news that Kerling's parent Ineos AG intends to merge its PVC activities with those of Solvay SA into a 50%-50% joint venture, S&P said.

The outlook revision reflects a view that Kerling's credit quality would improve if the merger proceeds, the agency said.

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