S&P revises Solenis view to stable

S&P said it affirmed its B- issuer credit rating on Solenis International LLC and revised the outlook to stable from negative.

The issue-level ratings on Solenis Holdings LLC's first-lien term loans (split between U.S. dollar and euro denominations) and credit facility remain B-. The recovery rating on this debt remains 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

S&P said the issue-level rating on Solenis Holdings LLC's second-lien term loan remains CCC+. The recovery rating on this debt remains 5, indicating an expectation of modest (10%-30%; rounded estimate: 20%) recovery to creditors in the event of a payment default.

“The outlook revision to stable reflects our expectation that Solenis will be able to maintain relatively steady EBITDA margins and operating performance will improve modestly compared to the first three quarters of fiscal 2018 (fiscal year ended in September),” S&P said in a news release.

“In addition, Solenis no longer faces a liquidity risk from upcoming maturities following the refinancing of its revolver and entire capital structure in May 2018.”

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