S&P rates OXEA Holding Vier B+

S&P said it assigned a B+ rating to OXEA Holding Vier GmbH and withdrew the B+ long-term ratings on OXEA's former parent OXEA Sarl, which has now been dissolved. S&P also affirmed the B+ ratings on the senior secured loans.

A slowdown in global economies and challenging industry conditions have led to more than 13% volume decline in OXEA group's intermediates business in 2019. “As a result, we estimate the group's S&P Global Ratings-adjusted EBITDA has decreased by almost 20% to €170.5 million and adjusted debt to EBITDA has weakened by 1x to about 5.8x in 2019, resulting in reduced rating headroom,” said S&P in a press release.

The outlook is stable.

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