S&P affirms Platform Specialty Products

S&P said it affirmed its BB- issuer credit rating on Platform Specialty Products Corp. and its subsidiary MacDermid Inc. The outlooks remain stable.

At the same time, S&P said it affirmed its BB- issue-level rating on the company's senior secured debt. The 3 recovery rating remains unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default.

Additionally, S&P affirmed its B+ issue-level rating on Platform's junior debt. The 5 recovery rating remains unchanged, indicating an expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default.

“The rating on Platform reflects our belief that the sale of its agricultural chemicals business to UPL Corp. will be credit neutral,” S&P said in a news release.

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