S&P changes HP Pelzer to negative

Standard & Poor's said it revised its outlook on HP Pelzer Holding GmbH to negative from stable and affirmed its B+ long-term corporate credit rating.

The agency also affirmed its B+ issue rating on HP Pelzer's €280 million senior secured notes. The recovery rating is 3, indicating an expectation of meaningful recovery (50%-70%; lower half of the range) in the event of a payment default.

S&P said the negative outlook on HP Pelzer, the 61%-owned subsidiary of the Italian group Adler Plastic, reflects the view that the credit ratios of its parent should fall materially below forecasts in 2015, despite the good performance of HP Pelzer.

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