S&P gives B to Stabilus bond

Standard & Poor's said it assigned its B preliminary long-term corporate credit rating to Servus HoldCo Sarl, the holding company of Stabilus.

The outlook is stable.

At the same time, S&P assigned its preliminary B issue rating to Stabilus' proposed €315 million senior secured bond with a 3 recovery rating, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

The agency said the preliminary ratings are based on its expectation that the proposed refinancing transaction will be completed as presented to by Stabilus and its majority shareholder, European private equity company Triton.

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