S&P assigns B+ to Composite Resins loans

S&P said it assigned its B+ issuer credit rating to Netherlands-incorporated Composite Resins Subholding BV. The outlook is stable.

At the same time, S&P assigned a B+ issue rating to the $510 million senior secured term loan B and $90 million senior secured revolving credit facility, co-issued by Composite Resins Subholding BV, Aliancys Holding International and AOC LLC. The recovery rating is 3, indicating recovery prospects of 50%-70% (rounded estimate: 55%) in the event of a payment default.

“The rating reflects the capital structure of Composite Resins Subholding, a new entity formed from the combination of Aliancys and AOC,” S&P said in a news release.

“We estimate adjusted gross debt to EBITDA of about 4.5x at closing, improving toward 4.0x in our base case for the coming years. The transaction closed Aug. 1, 2018.”

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