S&P rates Corialis loans B, CCC+

S&P said it assigned its B long-term corporate credit rating to Corialis Group Ltd. (formerly Feather Bidco), the parent company of aluminum profile manufacturer Corialis group and issuer of its first- and second-lien debt. The outlook is stable.

S&P assigned a B issue rating to the group's first- and second-lien senior secured facilities, issued by Corialis Group Ltd. These include a €125 million revolving credit facility and a €505 million term loan B. The recovery rating on these instruments is 3.

At the same time, S&P assigned a CCC+ rating to the group's €130 million second-lien loan facility, issued by Corialis group Ltd. The recovery rating on this instrument is 6.

Finally, S&P said it withdrew its long-term corporate credit ratings on Alu Holdco 1 Ltd. and Alu Holdco 2 Ltd. and also withdrew its issue and recovery ratings on the group's previous (now fully repaid) debt, including a €318 million term loan B, €25 million revolver, €35 million capex facility and €105 million second-lien loan.

Corialis is a leading aluminum profile manufacturer in its core markets of the U.K., France, Belgium and Poland. It also has a growing presence in the rest of Europe, S&P said in a news release.

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