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S&P rates Archroma loan B
S&P said it assigned a B preliminary long-term corporate credit rating to Archroma Holdings Sarl, a holding company created by funds advised by SK Capital Partners for the sole purpose of acquiring all operating entities of S.K. Spice Holding Sarl.
The outlook is stable.
S&P also said it assigned a preliminary B rating to Archroma's senior secured term loan B facilities issued by Archroma's financing subsidiary Archroma Finance Sarl.
The recovery rating is 3, indicating 50% to 70% expected default recovery.
The stable outlook reflects an expectation that Archroma will reduce leverage to an adjusted debt- to-EBITDA ratio of less than 6x in 2018, S&P said.
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