S&P revises Maxeda view to stable

S&P said it revised its outlook to stable from positive on for Maxeda DIY Group BV, the holding company for Maxeda. S&P affirmed the B- long-term issuer credit rating on Maxeda.

At the same time, S&P affirmed its B+ long-term issue rating on Maxeda DIY Holding BV's €50 million super senior revolving credit facility. The recovery rating remains at 1, reflecting an expectation of very high recovery (90%-100%; rounded estimate: 95%) in the event of default.

S&P also affirmed its B- long-term issue rating of Maxeda DIY Holding’s €475 million senior secured notes. The 4 recovery rating continues to reflect an expectation of 30%-50% recovery prospects (rounded estimate: 45%).

The outlook revision to stable follows Maxeda's reports of improved but weaker-than-expected cash flows in fiscal 2018 (ended Jan. 31, 2018), S&P said in a news release.

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