S&P lowers Styrolution

Standard & Poor’s said it had lowered its corporate credit rating on Styrolution Group GmbH to B from B+. The outlook is stable.

At the same time, S&P affirmed the B issue rating on the €1.05 billion first-lien 7˝% term loan due 2019, which has now been placed. The 3 recovery rating on this loan remains unchanged.

S&P has withdrawn its B+ issue rating on the group’s €480 million 2016 senior secured notes because they have been redeemed. S&P does not rate the new €200 million payment-in-kind toggle loan granted by Ineos Holdings Ltd.

S&P said the rating actions reflect Styrolution’s leverage profile now that it has been acquired by Ineos Industries Holdings Ltd. The acquisition closed on Nov. 17 and was funded with a €1.05 billion equivalent first-lien term loan and by a €200 million second-lien PIK toggle loan granted by Ineos Holdings Ltd., an entity of the Ineos group.

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