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S&P lifts Versum Materials from junk
S&P said it raised its issuer credit rating on Versum Materials Inc. to A from BB+ and removed all of its ratings on the company from CreditWatch, where S&P placed them with positive implications on April 12.
At the same time, S&P said it raised its issue-level rating on Versum’s secured debt to A from BBB- and the issue-level rating on its unsecured debt to A from BB+.
Additionally, S&P said it is withdrawing all of its recovery ratings on the company to reflect the upgrade of the issuer credit rating to investment grade.
The outlook is stable.
Merck KGaA has completed its acquisition of Versum Materials for about $6.5 billion (including assumed debt).
“We raised our ratings on Versum following the close of its acquisition by a higher rated parent, Merck KGaA,” S&P said in a news release.
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