S&P affirms Azelis, rates loans B+, CCC+

Standard & Poor’s said it affirmed its B long-term corporate credit rating on Azelis' holding company, Azelis Finance SA, and removed the rating from CreditWatch with negative implications. The outlook is stable.

Additionally, S&P assigned a B+ issue rating to the proposed $460 million first-lien senior secured facilities and a CCC+ issue rating to the proposed $215 million second-lien term loan.

S&P also affirmed the B issue ratings on the existing €180 million term loan B and €40 million revolving credit facility and the CCC+ issue ratings on the existing €60 million second-lien loan. S&P said it intends to withdraw the ratings on these facilities when the refinancing transaction is completed.

“The affirmation reflects our view that, following the acquisition of KODA, Azelis’ business risk profile will benefit from increased scale and scope, with EBITDA doubling to about €100 million,” S&P said in a news release.

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