S&P gives BB- to Braas Monier bonds

S&P said it affirmed its BB- long-term corporate credit rating on Braas Monier Building Group SA. The outlook is stable.

At the same time, S&P affirmed the short-term rating on Brass Monier at B.

S&P also affirmed the BB- issue ratings on the €315 million senior secured floating-rate debt instruments, €100 million revolving credit facility and €200 million term loan issued by Braas Monier. The recovery rating on these facilities is 4, indicating an expectation of average recovery, in the higher half of the 30%-50% range, in the event of a payment default.

Additionally, S&P assigned a BB- long-term and B short-term corporate credit ratings to 100%-owned finance company BMBG Bond Finance SCA. The outlook is stable.

S&P assigned BB- issue ratings to the company’s proposed €435 million fixed rate notes due 2021 and also assigned a BB- issue rating to Braas Monier’s proposed €200 million revolver. The recovery rating on both of these facilities is 4, indicating an expectation of average recovery, in the lower half of the 30%-50% range, in the event of a payment default.

In the past two years, Braas Monier’s management has improved the group’s profitability, including significantly reducing its cost base, both in terms of fixed and labor costs, S&P said.

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