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S&P lifts HP Pelzer view to stable
S&P said it revised its outlook on HP Pelzer Holding GmbH, the 100%-owned subsidiary of the Italian Adler Plastic group, to stable from negative.
At the same time, S&P affirmed its B+ long-term corporate credit rating on the company.
S&P simultaneously affirmed the B+ issue rating on HP Pelzer's €280 million senior secured notes. The recovery rating is 3, indicating an expectation of recovery in the lower half of the 50%-70% range in the event of a payment default.
S&P said the outlook revision reflects the strengthening of Adler Plastic's credit metrics to a level S&P sees as commensurate with the B+ rating on HP Pelzer.
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