S&P ups WFS Global, withdraws ratings

S&P said it raised its long-term issuer credit rating on WFS Global Holding SAS to B from B- and removed the rating from CreditWatch with positive implications, where S&P placed it on July 23, 2018.

S&P said it subsequently withdrew the B long-term issuer credit rating on WFS at the issuer's request. The outlook was stable at the time of the withdrawal.

Following full redemption, S&P said it withdrew its B issue and 3 recovery ratings on the €375 million 9½% senior secured notes due 2022 and the CCC+ issue and 6 recovery ratings on the €140 million 12½% senior unsecured notes due 2022, both issued by WFS.

“The upgrade reflects WFS's reduced interest costs, improved free cash flow generation, and termed-out debt maturity profile following its leveraged buyout by Cerberus Capital Management LP from private equity firm Platinum Equity LLC,” S&P said in a news release.

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