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S&P lowers Monitchem
S&P said it lowered the long-term corporate credit rating on Monitchem Holdco 2 SA to B- from B.
The outlook is negative.
The agency also lowered the issue rating on the €100 million super senior revolving credit facility due 2020 to B+ from BB-. The recovery rating is 1+, versus 1 previously, indicating an expectation of full recovery in the event of a payment default.
S&P lowered the issue rating on the €410 million senior secured notes to B- from B. The recovery rating remains at 3, reflecting expectations of meaningful recovery (50%-70%; rounded estimate: 60%).
Finally, the agency lowered the issue rating on the €175 million senior unsecured notes to CCC from CCC+. The recovery rating is 6, indicating expectations of negligible recovery (0%-10%; rounded estimate: 0%).
The downgrade follows the release of the company’s third-quarter results, highlighting the continued weakness in the crop-protection sector, combined with the disruption on the Rhine Valley Railway between August and October, S&P explained.
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