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Prospect News home > News index > List of issuers B > Headlines for Baxi Holdings Ltd. > News item |
S&P removes Baxi from watch
Standard & Poor's said it removed its BB- long-term corporate credit rating on Baxi (Holdings) Ltd. from CreditWatch with negative implications, where it was placed on April 29, and affirmed it following the finalizing of the group's funding strategy for the effective acquisition of the heating business of Corporacion Emprasarial Roca SA (Roca). The outlook is stable.
The B senior secured debt rating on the £100 million mezzanine notes issued by Heating Finance plc and guaranteed by Baxi was also removed from CreditWatch and affirmed.
S&P said the ratings reflect the fragmented and competitive nature of Baxi's markets, tempered by the combined group's enhanced level of geographical diversification, a solid franchise in the European boiler market supported by leading brands in the U.K. and Spain, and a track record of generating positive free cash flow.
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