S&P assigns Lantiq B+, loans B+, BB

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Lantiq Beteiligungs-GmbH & Co. KG.

The outlook is stable.

At the same time, the agency said it assigned a B+ issue rating and 4 recovery rating to the proposed $225 million senior secured term loan facility due 2015, and a BB issue rating and 1 recovery rating to the proposed $20 million super-priority revolving credit facility due 2015.

S&P said that it expects both facilities to be issued by Lantiq's fully owned subsidiary Lantiq Deutschland GmbH.

"The ratings are constrained by what we see as Lantiq's relatively narrow product focus, concentrated customer and supplier base, operation in a highly competitive and volatile industry, and leveraged capital structure," said S&P credit analyst Matthias Raab.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.