S&P rates Marcolin notes B-, revolver B

Standard & Poor's said it assigned a B- long-term corporate credit rating to Marcolin SpA, along with a B- rating to Marcolin's €200 million senior secured notes.

The recovery rating is 4, indicating 30% to 50% expected default recovery.

S&P also assigned a B rating to Marcolin's €25 million super senior revolving credit facility due 2019. The recovery rating is 2, indicating 70% to 90% expected default recovery.

The outlook is stable.

The ratings reflect a view that Marcolin's operating performance will continue to strengthen after a weak 2012 and a slow start in 2013, S&P said.

The agency said it believes that Marcolin's operations will benefit from moderately better economic conditions in Europe and the United States, along with its new license agreements and synergies from the acquisition of Viva, the No. 2 eyewear company in the United States.

Marcolin's balance sheet also is expected to remain highly leveraged, S&P said.

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