S&P: Corialis loans B, CCC+

Standard & Poor’s said it assigned the B long-term corporate credit rating to Alu Holdco 1 Ltd., the parent company of Corialis.

The outlook is stable.

The agency also said it assigned a B rating to the new first-lien senior secured facilities issued by Alu Holdco 1, including a €318 million term loan B, €25 million revolving credit facility and €35 million capital expenditure facility. The recovery rating on these debt instruments is 3, indicating 50% to 70% expected default recovery.

S&P also said it assigned a CCC+ rating to the €105 million second-lien loan. The recovery rating on this loan is 6, indicating 0 to 10% expected default recovery.

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

Corialis is a leading aluminum profile manufacturer in its core markets, has a vertically integrated and well-invested asset base, S&P said.

Tempering these strengths is Corialis’ partial exposure to cyclical new-build construction end markets, the agency said.

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