S&P affirms Aenova ratings

Standard & Poor’s revised its outlook on Aenova Holding GmbH to stable from positive and affirmed its B long-term corporate credit rating on Aenova.

S&P also affirmed its B issue ratings on Aenova's €500 million first-lien senior secured debt and €50 million revolving credit facilities. The recovery rating of 4 indicates the agency’s expectation of average recovery in the higher half of the 30%-50% range in the event of a default.

Finally, S&P affirmed its CCC+ issue rating on Aenova’s €139 million second-lien facility. The recovery rating of 6 indicates an expectation of negligible recovery (0%-10%) in the event of a default.

The outlook revision reflects S&P’s view that Aenova's debt-protection metrics are not likely to improve as much as previously anticipated over the next three years, as the company faces higher costs related to staff expenses, operating costs from the restructuring of various sites (Miami, Lyon and Munich), and integration costs incurred after the acquisitions of Haupt Pharma Group and Temmler Group.

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