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S&P assigns Rohm Holdco II B
S&P said it assigned B ratings to Rohm Holdco II GmbH, formerly AI Plex, and its senior secured debt. The agency also assigned a recovery rating of 3 to the debt. The recovery rating of 3 indicates recovery prospects of 50%-70% (rounded estimate 50%).
“The rating on Röhm HoldCo II GmbH primarily reflects the high leverage at the closing of the acquisition, with about 6.0x-6.5x adjusted gross debt to EBITDA. This is consistent with our view of the company’s private equity ownership after the takeover, translating into highly leveraged funding structures and financial policies, both at closing and going forward,” said S&P in a press release.
The outlook is stable.
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