S&P revises Atalian outlook to positive

S&P said it revised the outlook on La Financiere Atalian SAS to positive from stable.

At the same time, the agency affirmed the B+ long-term corporate credit rating on Atalian and the B issue rating on its €400 million notes due January 2020. The recovery rating on the notes is unchanged at 5, but now indicates an expectation of recovery prospects in the higher half of the 10%-30% range in the event of a default, rather than the lower half previously.

S&P said the outlook revision stems from its view that an increase in EBITDA following the successful integration of acquired assets and organic growth, especially in international activities, should progressively improve Atalian's credit metrics.

At the same time, the agency expects Atalian will remain disciplined in its acquisition strategy.

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