Fitch affirms AkzoNobel

Fitch Ratings said it affirmed Starfruit Topco Cooperatief UA's (AkzoNobel) expected long-term issuer default rating of B+ with a stable outlook.

The agency also affirmed the expected issue rating of Starfruit Finco BV for the senior secured debt of BB-/RR3/61% and the senior unsecured debt of B-/RR6/0%.

Fitch said it recognizes the revision to the proposed capital structure wherein €385 million dollar-equivalent has been moved from the dollar tranche of unsecured notes to the dollar tranche of the term loan B.

“Although senior leverage for the transaction has increased, total leverage remains unchanged,” the agency said in a news release.

“The only result of the change in the capital structure is the senior secured term loan's recovery percentage, which has decreased to 61% from 66%.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.