S&P lifts Oberthur to stable

Standard & Poor's said it revised the outlook on Oberthur Technologies Holding SAS to stable from negative.

The agency also said it affirmed the company's B- long-term corporate credit rating.

S&P also said it affirmed the B- ratings on the €470 million-equivalent senior secured term loans due 2019 and an €88 million revolving credit facility due 2018. The recovery rating of 3 reflects 50% to 70% expected default recovery.

The agency also said it affirmed the CCC ratings on the company's €190 million senior unsecured notes due 2020. The recovery rating remains at 6, reflecting 0% to 10% expected default recovery.

The ratings reflect the company's fair business risk profile, which is constrained by its moderate profitability, severe competition, more volatile operating performance and turnover of senior management over the past two years, S&P said.

These weaknesses are partly offset by the company's global No. 2 position with a market share of 16% to 18% in the payment segment and 12% in telecommunications, the agency said.

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