S&P revises European loans, bonds, recovery

Standard & Poor's announced the results of a review of its portfolio of more than 2,200 global, including 116 European, issue level and recovery ratings on speculative-grade secured loans and bonds following the May 30 release of its revised issue rating framework and recovery rating-scale.

In summary, the agency said that of the 116 European loans and bonds carrying recovery ratings: 64% of issue level ratings rose, most by one notch; 35% of issue level ratings remained unchanged; and 1% declined.

The principal driver was the introduction of S&P's revised issue level rating framework and expanded recovery-scale while some changes also resulted from ongoing surveillance on the corporate credit and recovery ratings, which now determine issue level ratings under the revised rating framework.

Affected ratings include: Ashtead Capital Inc.'s $550 million 9% second-lien notes due 08/15/2016 at B, recovery up to 6 from 4, $1.750 billion senior secured asset-backed loan facility bank loan due 11/14/2010, up to BB+ from BB, recovery 1; $250 million 8.625% callable second-lien notes due 08/01/2015 at B, recovery up to 6 from 4;

Basell AF S.C.A., Basell Holdings BV: € 300 million senior secured revolving term loan bank loan due 05/31/2012, up to BB+ from BB, recovery 1; €850 million senior secured revolving term loan due 05/31/2012, up to BB+ from BB, recovery 1; €500 million senior secured acquisition facility bank loan due 05/2012, up to BB+ from BB, recovery 1;

BCM Ireland Holdings Ltd.: €1.25 billion senior secured term loan C bullet bank loan due 09/30/2015, up to BB from B+, recovery up to 1 from 2; €1.25 billion senior secured term loan B bullet bank loan due 09/30/2014, up to BB from B+, recovery up to 1 from 2; €650 million senior secured term loan A amortizing bank loan due 09/30/2013, up to BB from B+, recovery up to 1 from 2; €150 million senior secured revolving credit facility due 09/30/2013 bank loan, up to BB from B+, recovery up to 1 from 2; €350 million second-lien term loan D bank loan due 03/30/2016, at B-, recovery up to 6 from 5;

Belvedere SA: €375 million floating-rate notes due 05/15/2013, at B, recovery 4;

Brenntag Holding GmbH: €125 million floating-rate senior secured first-lien term C bank loan due 2015, up to B+ from B, recovery 2; €150 million floating-rate senior secured first-lien term B2 bank loan due 2013, up to B+ from B, recovery 2; €584.2 million floating-rate senior secured first-lien term B1 bank loan due 2014, up to B+ from B, recovery 2; €150 million floating-rate senior secured first-lien term A bank loan due 2013, up to B+ from B, recovery 2; €100 million floating-rate senior secured first-lien acquisition facility bank loan due 2013, up to B+ from B, recovery 2; €200 million floating-rate senior secured second-lien revolver bank loan due 2013, up to B+ from B, recovery 2; £102 million floating-rate senior secured first-lien bank loan due 2014, up to B+ from B, recovery 2; CHF100 million floating-rate senior secured first-lien bank loan due 2014, up to B+ from B, recovery 2; €176.3 million senior secured first-lien bank loan due 2014, up to B+ from B, recovery 2; €165 million floating-rate senior secured term B6 bank loan due 2014, up to B+ from B, recovery 2; €807 million floating-rate sub secured-lien bank loan due 2015, at CCC+, 6;

Britannia Bulk plc: $185 million 11% bonds due 12/01/2011, at B-, recovery up to 4 from 3;

Carlson Wagonlit BV: $650 million senior secured bank loan due 08/03/2014, up to BB- from B+, recovery 2; $200 million senior secured revolving credit facility bank loan due 08/03/2013, up to BB- from B+, recovery 2; €285 million floating-rate (proposed) bonds due 05/01/2015, at B-, recovery up to 6 from 5;

Carmeuse Lime BV: €175 million 10.75% bonds due 07/15/2012, up to BB+ from BB, recovery 2;

Castle HoldCo 4: £100 million senior secured revolving credit facility bank loan at BB-, recovery 1; £470 million floating-rate notes due 05/15/2014, at B, recovery 4;

Cell C (Pty) Ltd.: €400 million 8.625% senior secured notes due 07/01/2012, up to BB- from B+, recovery 1;

CEVA Group plc: €500 million senior secured term B bank loan due 11/2013, up to B+ from B, recovery 2; €150 million senior secured revolving credit facility due 11/2012 bank loan, up to B+ from B, recovery 2; €155 million LOC facility bank loan due 11/2013, up to B+ from B, recovery 2;

Clondalkin Acquisition BV: €400 million floating-equivalent (proposed) notes due 2013, at B+, recovery 3; €30 million variable rate senior secured revolving credit facility (proposed) bank loan due 2012, at BB+, recovery 1+;

Cognis GmbH: €610 million, $293 million floating-rate senior secured notes due 09/15/2013, at B, recovery 3; € 610 million, $ 293 million floating-rate senior secured bank loan due 09/15/2013, at B, recovery 3; €250 million revolving credit facility due 05/15/2013 bank loan, at BB-, recovery 1;

Compagnie Generale de Geophysique - Veritas: $200 million senior secured revolving credit facility due 02/07/2012 bank loan, at BB-, recovery 3;

Completel SAS: €80 million 11% senior secured proposed bonds due 08/01/2012, at B-, recovery 4 recovery 4;

Consol Glass (Proprietary) Ltd.: €420 million 7.625% notes due 04/15/2014 up to BB- from B+, recovery 2;

Corporate Express U.S. Finance Inc.: €80 million amortizing term A bank due 12/2009, up to BB+ from BB, recovery 1; €255 million multi currency revolving due 12/2008, up to BB+ from BB, recovery 1; $728 million term loan D1 due in 12/2010, at BB+, recovery 1; €50 million term loan D2 due in 12/2010, up to BB+, recovery 1;

Edcon Holdings (Proprietary) Ltd.: € 1.18 billion floating-rate (proposed) notes due 2014, up to BB- from B+, recovery 2;

Edwards (Cayman Islands II) Ltd.: $430 million first-lien term loan bank loan due 2014, up to BB from BB-, recovery 2; $100 million super senior revolving credit facility bank loan due 2013, at BB+, recovery 1; $185 million second-lien PIK toggle loan bank loan due 2014, at B, recovery up to 6 from 5;

Europcar Groupe SA: €425 million floating-rate sub secured floating-rate notes due 05/15/2013, up to BB- from B+, recovery up to 4 from 3; €350 million senior secured revolving credit facility due 04/2011 bank loan, at BB, recovery down to 2 from 1;

Focus DIY (Investments) Ltd.: £285 million senior secured bank loan due 10/31/2013, up to CCC from CCC-, recovery 2;

Foodcorp (Proprietary) Ltd.: €175 million 8.875% notes due 06/15/2012, at B+, recovery 3;

Fresenius Medical Care AG & Co. KGaA: $4.6 billion senior secured bank loan due 03/31/2013, up to BBB- at BB+, recovery 1;

Gate Gourmet Borrower LLC: CHF300 million senior-lien delayed-draw bank loan, at B, recovery 3; CHF425 million first-line bank loan, at B, recovery 3; CHF125 million second-lien revolving credit facility bank loan, up to BB- from B+, recovery 1;

Gateway Telecommunications plc: $100 million 9.875% notes due 11/15/2013, at B, recovery 4; $35.5 million 9.875% notes due 11/15/2013, at preliminary B, recovery 4;

Getronics NV: €215 million senior secured bank loan due 03/31/2008, at B-; recovery 4;

Global Crossing (U.K.) Finance plc: $200 million 10.75% callable bonds due 12/15/2014, at B-, recovery up to 4 from 5; £105 million 11.75% callable bonds due 12/15/2014, at B-, recovery up to 4 from 5; £52 million 11.75% callable notes due 12/15/2014, at B-, recovery up to 4 from 5;

Grohe AG, Grohe Beteiligungs GmbH: €150 million senior secured revolving credit facility due 2012 bank loan, at BB-, recovery 1;

Grohe Holding GmbH: €800 million floating-rate notes due 01/15/2014, at B, recovery 3;

Hellas Telecommunications (Luxembourg) V: €1.125 billion floating-rate callable notes due 10/15/2012, at B, recovery up to 3 from 2;

iesy Hessen GmbH & Co. KG: €1.35 billion floating-rate notes due 04/15/2013, up to BB- from B, recovery up to 1 from 2; €100 million floating-rate bank loan due 10/15/2011, up to BB- from B, recovery up to 1 from 2;

Impress Holdings BV: €615 million floating-rate callable bonds due 09/15/2013,up to BB- from B+, recovery 2; $175 million floating-rate callable bonds due 09/15/2013, up to BB- from B+, recovery 2;

Ineos Holdings Ltd.: €1.57 billion senior secured (tranche A) bank loan due 2012, up to BB- from B+, recovery 2; €800 million senior secured revolving credit facility due 2012 bank loan, up to BB- from B+, recovery 2; €1.78 billion senior secured (tranche B) bank loan due 2013, up to BB- from B+, recovery 2; €1.78 billion senior secured (tranche C) bank loan due 2014, up to BB- from B+, recovery 2; €1.3 billion senior secured borrowing base facility bank loan due 2012, up to BB- from B+, recovery 2; €650 million (proposed) second-lien bank loan due 2015, at B-, recovery down to 6 from 5;

Inmarsat Investments Ltd.: $550 million senior secured bank loan due 05/24/2010, up to BBB- from BB+, recovery 1;

IT Holding Finance SA: €185 million 9.875% bonds due 11/15/2012, down to CCC from CCC+ recovery down to 6 from 5;

Lecta SA: €598 million floating-rate senior secured notes due 02/15/2014, at BB-, recovery 3;

Lucite International U.S. Finco LLC: $962 million senior secured term B bank in due 2013, up to BB- from B+, recovery 2; $100 million senior secured revolving credit facility bank loan due 2012, up to BB- from B+, recovery 2;

New Reclamation Group (Pty) Ltd. (The): €193.6 million 8.125% callable notes due 02/01/2013, up to B+ from B, recovery up to 4 from 3;

Nielsen Finance LLC: $5133 senior secured bank loan due 08/09/2013, at B+; recovery down to 2 from 1; $688 million senior secured revolving credit facility due 08/09/2012, at B+, recovery down to 2 from 1;

NXP BV, NXP Funding LLC: €500 million senior secured revolving credit facility due 09/2012 bank loan, up to BBB from BBB-, recovery up to 1+ from 1; €1 billion floating-rate callable notes due 10/15/2013, at BB+, recovery down to 2 from 1; $1.535 billion callable notes due 10/15/2013, at BB+, recovery down to 2 from 1; $1.026 billion 7.875% callable notes due 10/15/2014, at BB+, recovery down to 2 from 1;

Peermont Global (Proprietary) Ltd.: €520 million 7.75% callable notes due 04/30/2014, at B, recovery 3;

Pipe Holdings plc: £122 million 7.75% notes due 11/01/2011, up to BB- from B; recovery up to 1 from 2;

Savcio Holdings (Proprietary) Ltd.: €125 million 8% notes due 02/15/2013, at B+, recovery 3;

SGL Carbon AG: €200 million floating-rate notes due 05/15/2015, up to BBB- from BB+, recovery 1;

Smurfit Kappa Treasury Funding Ltd.: $292 million 7.5% guaranteed debt due 11/20/2025, up to BB from BB-, recovery up to 2 from 3;

Smurfit Kappa Acquisitions: €3.737 billion senior secured bank loan due 11/29/2014, up to BB from BB-, recovery up to 2 from 3;

Solutia Services International SCA: €160 million floating-rate senior secured bank loan due 2011, at B, recovery 4;

SPCM SA: €100 million term loan due 2011, up to BB from BB-, recovery 2; €50 million revolving facility due 2011, up to BB from BB-, recovery 2;

TDC A/S: €1.826 billion term loan A senior secured amortizing bank loan due 12/31/2013; up to BB+ from BB-, recovery up to 1 from 2; €2.465 billion term loan B senior secured bullet bank loan due 12/31/2014, up to BB+ from BB-, recovery up to 1 from 2; €2.465 billion term loan C senior secured bullet bank loan due 12/31/2015, up to BB+ from BB-, recovery up to 1 from 2; €700 million revolving credit facility due 02/2013 bank loan, up to BB+ from BB-, recovery up to 1 from 2;

Tereos Europe SA: €500 million 6.375% bonds due 04/15/2014, BB from BB-, recovery 3;

TI Automotive Ltd.: £75 million (proposed) super prior revolving credit bank loan due 2011, up to BB- from B, recovery up to 1+ from 1; £380 million(proposed) senior secured tranche A bank in due 2012, up to B+ from B-; recovery up to 1 from 2;

Treofan Germany GmbH & Co. KG: €170 million 11% second-lien notes due 08/01/2013, up to B- from CCC+, recovery 3;

UPC Broadband Holding BV/UPC Financing Partnership: €500 million revolving credit facility tranche A bank loan due 2008, at B, recovery 3; €500 million senior secured tranche I redrawable term bank loan due 04/01/2010, at B, recovery 3; €1.8 billion senior secured tranche J bank loan due 12/31/2013, at B, recovery 3; €1.78 billion floating-rate senior secured tranche K bank loan due 2013, at B, recovery 3; €830 million floating-rate senior secured tranche L bank loan due 07/03/2012, at B, recovery 3; $2.125 billion floating-senior secured tranche N bank loan due 07/03/2012, at B, recovery 3; €3.47 billion floating-rate senior secured trance M bank loan due 12/31/2014, at B, recovery 3;

UPC Holding BV: €600 million 8.625% senior notes due 01/15/2014, at CCC+; recovery up to 6 from 5; €800 million 7.75% senior notes due 01/15/2014, at CCC+, recovery up to 6 from 5;

VAC KG: €150 million senior secured bank loan due 06/2014, up to BB- from B+; recovery 1;

Virgin Media Investment Holdings Ltd.: £3.3 billion senior secured credit facility bank loan due 03/03/2011, up to BB from BB-; recovery 1; £1.675 billion senior secured bank loan due 09/03/2012, up to BB from BB-; recovery 1;

Wind Telecomunicazioni SpA: €6.449 billion senior secured bank loan due 2014, up to BB- from B+; recovery 2; €400 million senior secured revolving credit facility due 2012 bank loan, up to BB- from B+; recovery 2, €700 million junior-lien bonds due 2014, up to B+ from B; recovery 3.

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