S&P assigns B to AVS Group loans B

S&P said it assigned a B long-term issuer credit rating to AVS Holding GmbH and its core subsidiary, AVS Group GmbH, and a B issue rating and 3 recovery rating to the term loan B and revolving credit facility.

The outlook is stable.

The rating action follows the closing of AVS Group's acquisition of Belgium-based Fero. To finance the acquisition and refinance its existing debt, AVS raised a €300 million seven-year senior secured term loan B, along with a €75 million revolver, while Fero's existing shareholders rolled over €45 million of their stake in the business.

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