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S&P upgrades BUT
Standard & Poor’s said it raised the long-term corporate credit rating on BUT SAS to B from B-.
The agency also said it removed the rating from CreditWatch with positive implications, where it was placed in June.
S&P also said it affirmed the B+ rating on the super senior revolving credit facility due 2018 and B rating on the €180 million senior secured notes due 2019, reflecting final terms that are broadly in line with the proposed terms.
The recovery rating on the revolver is unchanged at 2 and the recovery rating on the notes is unchanged at 3, the agency said.
The outlook is stable.
The upgrade follows BUT’s successful placement of a €180 million bond and syndication of a €30 million revolver, S&P said, and the company’s resulting more sustainable capital structure and liquidity.
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