S&P rates Oxea, facilities B

S&P said it revised the outlook on Oxea Sarl to positive from stable and affirmed the B long-term corporate credit rating.

The agency also assigned a B long-term corporate credit rating and a positive outlook to Oxea Holding Drei GmbH.

At the same time, S&P affirmed the B issue rating on Oxea's existing first-lien facilities. The 4 recovery rating indicates an expectation of average recovery prospects (30%-50%, rounded estimate: 45%) for lenders in the event of payment default.

The agency assigned a B issue rating to the proposed €900 million-equivalent term loan B facilities, to be borrowed by Oxea Corp. (Delaware) and Oxea Holding Drei. The 4 recovery rating indicates an expectation of average recovery prospects (30%-50%, rounded estimate: 45%) for lenders in the event of payment default.

“Our rating continues to include our consideration of Oxea as a moderately strategic operating subsidiary and strategic investment of the state-owned Oman Oil Co.,” the agency said in a news release.

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