S&P affirms TMD Friction

Standard & Poor's said it affirmed the long-term corporate credit rating on TMD Friction Group SA at BB, along with is the BB rating on its €97 million senior secured notes outstanding at BB.

The recovery rating on the notes was revised to 3 from 4 following the partial redemption of TMD's senior secured notes, reflecting 50% to 70% expected recovery in a default.

The ratings continue to reflect full ownership by Nisshinbo Holdings Inc., in line with the agency's parent-subsidiary criteria, S&P said.

Since the beginning of the year, TMD has redeemed €63 million of its €160 million senior secured notes, the agency said.

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