S&P affirms Schoeller Allibert

S&P said it affirmed its B long-term issuer credit rating on Schoeller Allibert Group BV.

The outlook is stable.

At the same time, the agency affirmed the issue-level rating on Schoeller's €210 million senior secured notes at B. The recovery rating is unchanged at 4, indicating an expectation of 40% recovery in the event of default.

Brookfield Business Partners LP completed the acquisition of the majority stake in Schoeller from its former owners, indirect subsidiaries of JPMorgan.

“The affirmation indicates that at this stage, we do not anticipate any material changes to Schoeller's near-term leverage or strategy,” S&P said in a news release.

“We also understand that the change in ownership has not led to any additional debt for the acquired group.”

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