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S&P puts Arvos on watch
S&P said it placed Arvos LuxCo Sarl’s B- issuer and issue ratings on CreditWatch with negative implications.
The company’s €33 million revolving credit facility and €112 million guarantee facility and about €380 million of term loan B all mature in less than 12 months.
“With weaker-than-expected operating performance, including the negative FOCF generation over the past two years, we believe that refinancing risk amid challenging capital markets conditions is increasing,” S&P said in a press release.
“The CreditWatch placement reflects the likelihood that we could lower the ratings by up two notches if Arvos fails to complete its planned refinancing within the next 30 days. We could also lower the rating if we believe that the capital structure is unstainable over the long term and that the company's FOCF generation will not recover and turn positive,” the agency said.
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