S&P puts Atalian on developing watch

S&P said it placed its B ratings on La Financiere Atalian and its senior unsecured notes on CreditWatch with developing implications. The recovery rating on the notes remains 4, indicating about a 30% recovery in default.

Atalian entered a binding agreement to be acquired by private equity firm, Clayton, Dubilier & Rice. The acquisition is expected to close during 2022.

“We understand that the acquisition will result in the combination of La Financiere Atalian and OCS International Finance Ltd., the latter with operations in the United Kingdom and Asia Pacific. We will reassess the combined company and the new capital structure once further information becomes available. We anticipate the full debt outstanding at Atalian will be fully redeemed,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch after assessing if the deal will close and when it has enough information on the company's operations and post-transaction capital structure.

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