S&P lifts BMI Group, notes

S&P said it raised its long-term corporate credit rating on BMI Group Sarl to BB+ from BB- and affirmed its short-term rating at B.

The outlook is stable.

The agency also raised the issue rating on the group's €435 million fixed-rate notes due 2021, issued by BMI and BMBG Bond Finance. The recovery rating is unchanged at 4, indicating an expectation of an average (30%-50%) recovery in the event of a payment default (rounded estimate 45%).

At the same time, S&P removed both the corporate credit and issue ratings from CreditWatch with positive implications, where they had been placed on Dec. 22, 2016.

Finally, the agency withdrew the issue and recovery ratings on BMI's €200 million revolving credit facility, as the facility has been repaid.

“The upgrade follows the completion of Standard Industries Inc.'s acquisition of BMI. In addition, the integration of the Braas Monier and Icopal businesses in Europe continues to gather momentum,” S&P said in a news release.

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