S&P boosts Sicpa

Standard & Poor's said it raised to BB- from B+ its long-term corporate credit rating on Sicpa Holding SA.

The outlook is stable.

At the same time, S&P said it raised to B+ from B- its long-term senior unsecured debt rating on the €160 million notes issued by Noma Luxembourg SA.

The two-notch upgrade of the debt reflects both the upgrade of Sicpa and a reduction in structural subordination, S&P noted, adding that the upgrade of Sicpa reflects the significant improvement of the group's key financial protection metrics and continuing good operating performance.

S&P said that the improvement in credit quality reflects chiefly the group's de-leveraging policy and strategy to focus on its core and profitable security inks operations.

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