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S&P may lift Duerr
Standard & Poor's said it placed the B long-term corporate credit rating on Duerr AG on CreditWatch with positive implications, following its successful completion of a capital increase of about €44 million.
The CCC+ rating on the company's subordinated bonds was placed on CreditWatch with positive implications.
The action reflects expectations that Duerr will use proceeds from the capital increase to reduce debt, thereby improving its financial risk profile, according to S&P.
Ratings reflect Duerr's weak but improving performance track record, high leverage, exposure to the cyclical automotive industry and challenging position as a supplier to price-aggressive original equipment manufacturers, the agency noted.
Ratings also consider the group's strong market position and widely recognized expertise in its core markets, geographic diversification and liquidity, S&P said.
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