S&P affirms Mauser Holding

Standard & Poor’s said it affirmed its B long-term corporate credit rating on Mauser Holding Sarl.

The outlook is stable.

At the same time, S&P affirmed the B issue rating on Mauser’s €150 million revolving credit facility and €50 million acquisition facility. The recovery rating on the revolver remains 3.

S&P also affirmed the B issue ratings on the $420 million and €439 million first-lien term loans, which are being increased by €100 million. The recovery ratings on these notes remain 3. The recovery ratings of 3 indicate an expectation for meaningful (50%-70%) recovery in the event of payment default or bankruptcy.

S&P also affirmed the CCC+ rating on the $402 million second-lien term loan. The recovery rating on these notes remains 6, indicating an expectation for negligible (0%-10%) recovery in the event of payment default or bankruptcy.

S&P said the affirmation reflects its view that the group’s plans to raise €100 million to make a number of acquisitions over 2016 is not likely to have a significant impact on its pro forma credit metrics, given the group's improved margins, earnings contributions from the acquisitions, and conservative estimates of expected synergies.

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