S&P rates Stork Technical notes CCC+

Standard & Poor’s said it affirmed and subsequently withdrew its B- long-term corporate credit rating on Stork Technical Services Holding BV. The outlook was stable at the time of withdrawal.

S&P also withdrew its CCC+ issue rating on STS Holding’s senior secured notes.

At the same time, S&P assigned a B- corporate credit rating to STS Holding’s holding company, Stork Technical Services Holdco BV, which is the reporting entity. The outlook is stable.

In addition, S&P assigned a CCC+ issue rating on Stork Technical Services Holdco’s senior secured notes. The recovery rating on these notes is 5, indicating an expectation of modest (10%-30%) recovery in the event of a payment default.

“We think that STS [Stork Technical Services Holdco] will continue to face challenging market conditions in the power markets in Europe, and potentially deteriorating conditions in its oil and gas customer end markets (through which it generated 62% of its revenues in 2013) in the medium-term, should oil prices remain at the relatively low levels seen in recent weeks,” S&P said in a news release.

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