S&P rates ADES notes B+

S&P said it assigned a B+ preliminary issuer credit rating to ADES International plc, along with a B+ preliminary issue rating to the proposed senior secured notes.

ADES plans to issue a bond of up to $325 million, which together with $100 million of senior secured credit facilities will be used to refinance existing debt, S&P said.

If completed as planned, the transaction will simplify the company's capital structure and extend its maturity profile, the agency said.

Recent acquisitions also should help increase its product offering in onshore services, S&P noted.

The company has solid backlog visibility and above-average profitability, the agency said, but is smaller and more geographically concentrated than peers.

It also has a short track record in new growth markets, S&P said.

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