S&P rates Hupah loan B

Standard & Poor's said it assigned a B corporate credit rating to Hupah Holdings SA, doing business as Capital Safety Group.

The outlook is stable.

The agency also said it assigned a B rating and 3 recovery rating to the company's $470 million senior secured credit facilities, which comprise a $425 million senior secured term loan and a $45 million revolver.

S&P said it believes Capital Safety's business profile will remain weak because of its narrow focus in a niche market, fall protection equipment and fragmented personal protection equipment industry.

This limits the company's scale of operations, the agency said.

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