S&P rates Aenova loans B, CCC+

Standard & Poor’s said it assigned a B long-term corporate credit rating to Aenova Holding GmbH.

The outlook is positive.

The agency also said it assigned a B rating to Aenova’s proposed €500 million first-lien senior secured debt and €75 million revolving credit and acquisition facilities.

The recovery rating of 3 indicates 50% to 70% expected default recovery.

S&P also said it assigned a CCC+ rating to Aenova’s proposed €155 million second-lien facility. The recovery rating of 6 on this debt indicates 0 to 10% expected default recovery.

The ratings reflect Aenova’s fair business risk profile and highly leveraged financial risk profile, the agency said.

The ratings also consider Aenova’s diluted EBITDA margins in the wake of the acquisitions and the ensuing negative volatility, S&P said.

Geographically, Aenova is well diversified with a significant international presence outside Germany, the agency said.

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