S&P rates Derichebourg notes BB

S&P said it assigned a BB long-term issuer credit rating to Derichebourg and a BB issue rating to the company's proposed €300 million notes due 2028.

French recycler Derichebourg will enhance its domestic position on its plans to acquire local competitor Groupe Ecore, S&P said.

“In our view, the recycling market's recovery in fiscal 2021 (ending September 30) will allow Derichebourg to restore its credit metrics following the initial dampening effect of the announced acquisition, with improved profitability and material positive cash flow,” S&P said in a news release.

The outlook is stable.

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