S&P ups Keter, gives B to term loan

S&P said it raised its long-term issuer credit rating on Keter Group BV to B from B- and assigned a B issue rating and 3 recovery rating to the proposed term loan B.

The outlook is stable.

Keter announced on Jan. 10 its intention to refinance its capital structure and add cash on its balance sheet with a new €1.175 billion term loan B and €150 million revolving credit facility.

The transaction will extend the group's debt maturity profile because the proposed term loan will mature in 2029, likely reduce financing costs thanks to favorable market conditions, and improve liquidity thanks to the large available revolver, S&P said.

Keter also achieved strong operational performance in 2021, the agency noted.

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