S&P rates Minimax Viking loan B

Standard & Poor's said it assigned its B long-term corporate credit rating to Minimax Viking GmbH.

The outlook is stable.

At the same time, S&P assigned its B issue rating to the €630 million first-lien term loan facility (of which an equivalent of €315 million is issued in U.S. dollars). The recovery rating on this facility is 3, indicating an expectation of meaningful (50%-70%) recovery prospects for lenders in the event of a payment default.

The ratings on Minimax are at the same level as the preliminary ratings assigned on June 22, reflecting that the agency continues to view the company's financial risk profile as "highly leveraged" and its business risk profile as "fair."

This is despite that, following the completion of its recapitalization, Minimax's conversion of shareholder loans into equity was €30 million higher than previously expected, and debt was therefore €30 million lower.

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