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S&P rates Kloeckner loan B, notes CCC
Standard & Poor's said it assigned a B- long-term corporate credit rating to Kloeckner Holdings SCA, the ultimate holding company of Kloeckner Pentaplast.
S&P also assigned a rating of B to Kloeckner Pentaplast's $500 million senior secured credit facilities comprising a $435 million term loan B and a $65 million revolving credit facility.
The agency also said it assigned a rating of CCC to the group's proposed €255 million second-lien notes.
S&P also withdrew the SD' (selective default) rating on Kleopatra Lux 1 Sarl following the debt restructuring.
The assignment of ratings follows Kloeckner Pentaplast's implementation of a debt restructuring led by investment firm Strategic Value Partners and the junior lender group, S&P said.
The ratings reflect the group's weak business risk profile and highly leveraged financial risk profile, the agency said.
Market conditions remain difficult for Kloeckner Pentaplast due to exposure to volatile input costs, energy costs and the weak macroeconomic outlook, S&P said.
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