S&P rates Acetow loan B+

S&P said it assigned its B+ long-term corporate credit rating to BCP VII Jade Holdco (Cayman) Ltd. and to BCP VII Jade Topco (Cayman) Ltd., together known as Acetow. The outlook is stable.

At the same time, S&P assigned its B+ issue ratings to Platin 1291 GmbH's proposed U.S. dollar-denominated senior secured term loan B (equivalent to about €367 million), to the €205 million senior secured term loan B, and to the proposed €65 million senior secured revolving credit facility. The 3 recovery rating indicates expectations of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.

“The B+ ratings balance our assessment of Acetow's fair business risk profile with our opinion that the group may have a highly leveraged capital structure, on the back of an aggressive private-equity ownership. Private equity company Blackstone will acquire Acetow from Belgian chemical company Solvay SA for a total consideration of about €1 billion,” S&P said in a news release.

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