S&P rates Index Holdco CCC+

S&P said it assigned a CCC+ issuer rating to Index Holdco Sarl, the new parent of Wittur International Holding GmbH’s operating group. Wittur completed a debt restructuring on March 1. The outlook is stable.

The agency said it also raised the issue rating on the €411 million first-lien term loan B at Wittur Holding GmbH, part of the operating group, to B- from D and revised the recovery rating upward to 2 from 3. S&P assigned CCC- issue and 6 recovery ratings to the €288 million loan issued by Index.

Finally, S&P said it withdrew the D ratings on Wittur International Holding, parent of Wittur Holding's pre-restructuring group, and its debt facilities, following the completion of the transaction.

S&P said it forecasts weak EBITDA generation for the next two years, resulting in high leverage of about 18x-20x in 2024 and 2025 despite reduced debt.

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