Fitch lifts Stabilus notes

Fitch Ratings said it affirmed Stabilus SA’s (formerly Servus Holdco Sarl) issuer default rating at B with a positive outlook.

The remaining €256.1 million senior secured notes issued by Servus Luxembourg Holding SCA were upgraded to BB- with a recovery rating of RR2 from B+ with a recovery rating of RR3 based on improved recoveries, Fitch said.

The ratings were removed from Rating Watch positive, where they were placed in April, the agency said.

The affirmation and upgrade follow Stabilus’s successful initial public offering May 23 and the reduction of debt by €58.9 million, Fitch said.

The positive outlook reflects the substantial reduction in debt following the partial repayment of the bond and its enhanced financial flexibility, the agency said.

The remaining senior secured notes also benefit from improved recoveries following debt reduction, Fitch said.

© 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.