S&P rates Alba BB-, notes B

Standard & Poor's said it assigned a long-term corporate credit rating of BB- to Alba Group plc & Co. KG, along with a B issue rating to Alba Group's €203 million unsecured notes.

The recovery rating is 6, indicating 0% to 10% recovery prospects in a default.

The rating is in line with the preliminary rating assigned in April, S&P said.

The outlook is stable.

The ratings reflect the successful integration of its two waste management businesses, formerly Alba AG and Interseroh SE, through the registration of a domination and profit and loss transfer agreement, S&P said.

The integration will provide the group with the potential for additional synergies, the agency said.

The ratings are constrained by the consolidated group's aggressive financial risk profile, S&P said.

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