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S&P rates HP Pelzer notes B+
Standard & Poor’s said it assigned a B+ long-term corporate credit rating to HP Pelzer Holding GmbH, the 61%-owned subsidiary of Adler Plastics.
The outlook is stable.
S&P also said it assigned a B+ rating to HP Pelzer’s €230 million senior secured notes. The recovery rating is 3, indicating 50% to 70% expected default recovery.
The agency also said it corrected an administrative error by changing the recovery rating to 3 from 4.
The ratings on HP Pelzer are based primarily on an assessment of Adler Plastics’ credit quality, S&P said.
Adler Plastics has an aggressive financial profile, owing to its sizable adjusted debt and limited free operating cash flow, the agency said.
The company also has a small size, weak competitive position and low adjusted EBITDA margin, S&P said.
On the positive side, Adler Plastics has a good geographic presence with about half of its revenues generated outside Europe, the agency said.
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