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Prospect News home > News index > List of issuers A > Headlines for Axalta Coating Systems Dutch Holding B BV > News item |
S&P applies B+ to Axalta notes
S&P said it assigned its B+ issue-level rating and 6 recovery rating to Axalta Coating Systems Dutch Holding B BV's proposed €450 million senior unsecured notes.
The 6 recovery rating indicates an expectation of negligible (0-10% range) recovery in the event of payment default.
The company plans to use proceeds to refinance existing debt.
Axalta’s other ratings, including its BB corporate credit rating, are unchanged.
The outlook is stable.
S&P said the rating reflects its assessment of the business risk profile as satisfactory and financial risk profile as aggressive, resulting in an anchor rating of bb. Modifiers do not affect the rating.
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