S&P upgrades Oxea

S&P said it raised its long-term corporate credit rating on Oxea Sarl to B+ from B.

The outlook is stable.

The agency also raised the issue ratings on the company’s €900 million equivalent senior secured term loan B due 2024 to B+, in line with the corporate credit rating.

S&P revised the recovery rating to 3, indicating expectations of meaningful recovery prospects (rounded estimate: 50%) in the event of a payment default.

The agency said the upgrade follows Oxea's steady deleveraging in recent quarters, with its last-12-months S&P-adjusted debt-to-EBITDA ratio falling to 4.6x at September 2017, down from 6.6x at year-end 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.