S&P upgrades Spie Bondco, loans, notes

Standard & Poor's said it raised its long-term corporate credit ratings on Spie Bondco 3 SCA and its indirect subsidiary, Financiere SPIE, to B+ from B.

The outlook is stable.

At the same time, the agency raised the issue ratings on the €100 million capital expenditure (capex) facility due 2017, the €200 million revolving credit facility (RCF) due 2017, the €400 million bank loan due in 2018 and the €585 million term loan B due in 2018, issued by Clayax Acquisition 4 SAS and guaranteed by Financiere SPIE to B+ from B. The recovery rating on these instruments is 4.

In addition, S&P raised the issue rating on the €375 million notes due in 2019, issued by Spie Bondco 3 and guaranteed by Financiere SPIE to B- from CCC+. The recovery rating on this instrument is 6.

All ratings were removed from CreditWatch positive.

S&P said the upgrade reflects its view that Spie's recent acquisition of Hochtief Service Solutions has reduced the group's reliance on its home market, thereby improving the group's geographic diversity.

The upgrade also takes into account the agency’s view that Spie's European growth strategy to enlarge its presence through small bolt-on acquisitions in countries such as Germany and the U.K., will improve the group's geographic diversity.

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