S&P revises Lock Lower to developing

S&P said it revised its outlook on Lock Lower Holding AS and its subsidiary Lock AS to developing from stable.

The B+ long-term counterparty credit ratings on both entities were affirmed.

At the same time, the agency affirmed its BB rating on Lock Lower’s super senior revolving credit facility. The recovery rating of 1 indicates an expectation of very high recovery (90%-100%) in the event of a payment default.

S&P also affirmed its BB- rating on the group's senior secured notes. The recovery rating of 2 reflects an expectation of recovery in the lower half of the 70%-90% range in the event of a default.

Similarly, the agency affirmed its B- rating on the senior unsecured notes. The recovery rating of 6 indicates an expectation of negligible recovery (0%-10%) in the event of a default.

S&P said the outlook revision follows Lock Lower’s announcement in September that its board of directors decided to assess options to raise equity in the public markets. This includes preparations to ensure readiness for a potential listing of the company, subject to further decisions by the board.

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