S&P ups Pinafore to stable

Standard & Poor's said it affirmed the BB- corporate credit rating on Pinafore Holdings BV.

Its outlook was revised to stable from negative.

The agency also said it affirmed the BB rating on its senior secured credit facility, the B+ rating on its second-lien secured notes and the B rating on its pre-leveraged-buyout debt that remains outstanding. The recovery ratings remain unchanged.

The ratings reflect the company's aggressive financial risk profile, characterized by high leverage, S&P said.

This is somewhat offset by sizable cash flow generation, the agency said.

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