S&P: Alfred Fueling on positive watch

S&P said it placed the B corporate credit rating on Alfred Fueling Systems Holdco Ltd. on CreditWatch with positive implications.

The agency said it did not place the ratings on the company's senior secured first- and second-lien credit facilities on CreditWatch because the lenders should be paid in full due to the change-of-control provision in their credit agreement.

The CreditWatch placement follows news that Dover entered into a definitive agreement to acquire Alfred Fueling Systems, which does business as Wayne Fueling Systems, for $780 million in cash, S&P said.

The transaction, which is expected to close in the second half of 2016, is subject to customary closing conditions, including regulatory approval, the agency said.

Dover will fund the transaction with a combination of cash on hand and incremental debt, S&P said.

Upon the close of the transaction, Alfred Fueling Systems will become part of the financially stronger Dover Corp., the agency said.

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