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S&P rates Patheon B, changes DPx to positive
S&P said it revised its outlook on DPx Holdings BV, a debt-issuing operating subsidiary of Patheon NV, to positive from stable.
The company’s B corporate credit rating was affirmed.
At the same time, the agency assigned a B corporate credit rating to Patheon.
The outlook is positive.
In addition, S&P affirmed the B issue-level rating on DPx Holdings' senior secured facility. The recovery rating is 3, indicating an expectation for meaningful (50%-70%; at the higher end of the range) recovery in the event of payment default. It also affirmed the B- issue-level rating on the senior unsecured debt. The recovery rating is 5, indicating an expectation for modest (10%-30% recovery; in the higher end of the range) recovery in the event of a payment default.
S&P said the positive outlook reflects the possibility that it will view Patheon more favorably compared to other B rated issuers due to a more established track record of profitable growth and its ability to deleverage over time.
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