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S&P assigns B+ to Garfunkelux notes
S&P said it revised the outlook on Garfunkelux Holdco 2 SA to stable from negative, which consolidates the activities of Lowell's U.K., German and Austrian operations.
The agency also affirmed its B+ long-term and B short-term counterparty credit ratings and assigned a B+ issue rating and a 3 recovery rating to the proposed senior secured floating-rate notes to be issued by Garfunkelux Holdco 3 SA.
S&P also affirmed the B+ issue rating and recovery rating of 3 on the existing 365 million and £565 million senior secured notes. The agency affirmed the BB issue rating and recovery rating of 1 on the 200 million revolving credit facility co-issued by Garfunkel Holding GmbH and Simon Bidco Ltd. S&P also affirmed the B- issue rating and recovery rating of 6 on the £230 million senior unsecured notes issued by Garfunkelux 2.
The outlook revision reflects our expectation that the group will maintain the improvement it has shown in its leverage profile over the past 12 months, the agency said in a news release.
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