S&P rates Nitrogenmuvek notes B

S&P said it affirmed its B long-term issuer credit rating on Nitrogenmuvek ZRT.

The outlook is stable.

At the same time, the agency assigned its B issue rating to the proposed €200 million new euro-denominated fixed-rate notes due 2025 to be issued by Nitrogenmuvek.

The proceeds from the new bond will be used to redeem the existing $200 million notes due 2020 and for general corporate purposes.

“The rating primarily reflects Nitrogenmuvek's very high leverage, at 6.8x S&P-adjusted debt to EBITDA and funds from operations (FFO) to debt of below 8% on Dec. 31, 2017, partly offset by a steady deleveraging trend,” the agency said in a news release.

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