S&P lifts KraussMaffei, withdraws ratings

S&P said it raised the long-term corporate credit rating on KraussMaffei Group GmbH to BB- from B+.

The agency then withdrew the corporate credit rating on KraussMaffei at the company’s request. At the time of withdrawal, the outlook was stable, S&P said.

The agency also said it withdrew the B issue rating on the company’s €325 million senior secured notes with a carrying amount of €260 million, which is due in 2020.

The actions follow the closing of the acquisition of KraussMaffei Group by a consortium of investors led by China National Chemical Corp. (ChemChina), S&P explained.

KraussMaffei’s position within the ChemChina group is considered moderately strategic, the agency said.

This results in one-notch uplift from KraussMaffei Group’s stand-alone credit profile of B+, S&P said.

ChemChina’s group credit profile is currently BBB since its operating diversity and good market positions offset its high debt level, the agency said.

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