S&P lifts Axalta unsecured debt rating

S&P said it reviewed the recovery and issue-level ratings on Axalta Coating Systems Dutch Holding B BV and its subsidiaries, Axalta Coating Systems LLC and Axalta Coating Systems U.S. Holdings Inc., which were considered under criteria observation after the agency published revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it revised the recovery rating on the company's senior unsecured debt to 5 from 6 and raised the rating to BB- from B+. The 5 recovery rating indicates 10% to 30% expected default recovery.

The 1 recovery and BBB- ratings on the company's senior secured debt are unchanged.

These actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

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