S&P revises Garfunkelux view

S&P said it revised the outlook on Garfunkelux Holdco 2 SA (Lowell) to developing from stable and affirmed the B+/B long- and short-term issuer credit ratings.

The agency also affirmed the issue ratings on the debt issued by various subsidiaries of Lowell, including the B+ issue rating and 3 recovery rating on the senior secured notes issued by Garfunkelux Holdco 3 SA, the BB issue rating and 1 recovery rating on the super senior revolving credit facility co-issued by Lowell Holding GmbH and Simon Bidco Ltd., and the B- issue rating and 6 recovery rating on the senior unsecured notes issued by Lowell.

S&P said the revision follows Lowell's announcement on Nov. 2 that it has entered an agreement to acquire the carve-out business from Intrum Justitia AB, subject to regulatory approval.

“The impact of the final terms of the proposed acquisition on Lowell's credit quality is not yet clear,” the agency said in a news release.

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