S&P affirms Univar

S&P said it affirmed its BB- issuer credit rating on Univar Inc.

The BB senior secured issue-level ratings are unchanged, with a 2 recovery rating indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. The B+ senior unsecured issue-level ratings are also unchanged, with a 5 recovery rating indicating an expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default.

The outlook is stable.

“The ratings affirmation follows Univar's announcement that it intends to acquire Nexeo and reflects our view that a moderate improvement in the company's scale, products, and diversity of suppliers is partially offset with some integration risk,” S&P said in a news release.

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