S&P puts Alfa Laval on watch

S&P said it placed its BBB+ ratings on Alfa Laval AB and its debt that was sold by subsidiary Alfa Laval Treasury International AB on CreditWatch with negative implications.

The placement follows the company’s announcement it is launching a cash tender for Neles Oyj for an equity value of €1.73 billion, plus debt, the agency said.

S&P said it estimates Alfa Laval's S&P Global Ratings-adjusted debt would more than double from its 2019 year-end level, depressing the group's credit metrics from current levels.

“We aim to resolve the CreditWatch placement around the closing of the transaction, once we have greater visibility on the outcome of Alfa Laval's current bid on Neles,” S&P said in a press release.

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