S&P assigns B+ to Selecta notes, BB to revolver

Standard & Poor’s said it assigned its preliminary B+ long-term corporate credit rating to Selecta Group BV. The outlook is stable.

At the same time, S&P assigned a preliminary B+ issue rating to the proposed €550 million-equivalent senior secured notes due 2019 and a preliminary BB issue rating to the proposed €50 million super senior revolving credit facility, both to be issued by Selecta.

The preliminary recovery rating on the senior secured notes is 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default. The preliminary recovery rating on the super senior revolver is 1, indicating an expectation of very high (90%-100%) recovery in the event of a payment default.

The ratings on Selecta primarily reflect S&P’s assessment of the group’s financial risk profile as “highly leveraged” and its business risk profile as “fair.”

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