S&P rates Winoa notes B-

Standard & Poor’s said it assigned a preliminary B- long-term corporate credit rating to WHA Holding SAS (Winoa).

The outlook is stable.

The agency also said it assigned a preliminary B- rating to the €260 million proposed senior secured notes with a preliminary recovery rating of 4.

S&P also assigned a preliminary B rating to the proposed €20 million super senior revolving credit facility with a preliminary recovery rating of 2.

Potential changes include, but are not limited to, utilization of bond proceeds, maturity, size and conditions of the bonds, financial and other covenants, security and ranking, the agency said.

The ratings reflect the company’s weak business risk profile and highly leveraged financial risk profile, S&P said.

Winoa is a global leader in the steel abrasives niche market with €341 million in sales and reported EBITDA of €48.6 million over the 12 months ended March 2014, the agency said.

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