S&P boosts Springer Science, gives loans B+, CCC+

Standard & Poor's said it raised to B from CCC+ its long-term corporate credit rating on Springer Science+Business Media SA.

The agency said it removed the rating from Creditwatch with positive implications, where it was placed on Dec. 18.

The outlook is stable.

At the same time, the agency said it assigned a debt rating of B+ to the new €1.145 billion senior secured facilities and the €125 million senior secured revolving credit facility borrowed by Springer and various group entities.

The recovery rating on these instruments is 2, S&P said,

In addition, the agency said it has assigned a debt rating of CCC+ to the new €454.4 million mezzanine facilities borrowed by Springer Science+Business Media Finance Sarl (not rated) and guaranteed by Springer. The recovery rating is 6.

© 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.