S&P might lift Armonea

S&P said it placed on CreditWatch with positive implications its B- issuer credit rating on Armonea Group NV and its B- issue rating on its €250 million term loan B.

Financière Colisée announced it has entered into a definitive agreement to acquire Armonea Group.

S&P said the transaction's financing mix is yet to be determined.

“Once the acquisition is completed, we could raise by one notch or affirm the ratings on Armonea. This will depend on, among other factors, our assessment of the combined group's competitive position, given its increased scale and geographical diversification, and the extent to which Armonea is successfully integrated,” the agency said in a news release.

“The final rating would also depend on the group's capital structure, leverage, and its level of free operating cash flow.”

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