S&P rates Cooper-Vemedia, loan B

S&P said it assigned its B long-term issuer credit rating to Alpha BidCo SAS (Cooper-Vemedia).

The outlook is stable.

At the same time, the agency assigned its proposed B long-term issue rating to Cooper-Vemedia's €776 million first-lien loan with a recovery rating of 4, indicating an expectation of average (30%-50%; rounded estimate 45%) recovery prospects in the event of a payment default.

Alpha is buying a portfolio of over-the counter brands from Sanofi with pro forma sales for 2017 of about €35 million, with an associated high level of profitability, the agency explained.

“We view this acquisition as marginally positive for the group's business risk profile, allowing Vemedia to gain critical mass in Italy and increase the group's operating leverage as a whole,” S&P said in a news release.

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