S&P upgraded Aenova

S&P said it upgraded Aenova Holding GmbH to B-. S&P previously assigned a B- rating to the company’s new €440 million first-lien loan and new €50 million revolving credit facility.

The terms of the new debt match those reported on a preliminary basis. Aenova is also seeing the first signs of an operational turnaround and the new capital structure should give it more headroom for improvement, the agency said.

As a result, S&P said it no longer views Aenova's capital structure as unsustainable. In addition, Aenova amended the documentation for its €208 million shareholder loan and S&P now considers the loan to be equity instead of debt.

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