S&P ups Minimax Viking

Standard & Poor’s said it raised its long-term corporate credit rating to B+ from B on Minimax Viking GmbH.

The outlook is stable.

At the same time, S&P raised the issue rating on the company’s senior secured debt to B+ from B. The recovery rating remains at 3, indicating an expectation of meaningful (50%-70%) recovery prospects for lenders in the event of a payment default.

The rating actions reflect Minimax’s robust financial performance throughout 2013, which allowed it to reduce debt to EBITDA to 5.0x from 7.6x in 2012, S&P said in a news release.

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