S&P trims Delachaux view to negative

S&P said it revised its outlook on Delachaux SA to negative from stable.

At the same time, S&P affirmed its B+ long-term corporate credit rating on Delachaux and the B+ issue ratings on the company’s senior secured term loan and revolving credit facility. The recovery rating on Delachaux’s debt is 4, indicating an expectation of recovery for noteholders in the lower half of the 30%-50% range.

The outlook revision follows the persistent weakening in the group’s order intake, chiefly in its Rail division, during first-quarter 2016, which has prompted S&P to revise its forecasts for the period 2016-2017 downward, S&P said in a news release.

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