S&P: ALBA Group stable

Standard & Poor's said it revised its outlook on ALBA Group plc & Co. KG to stable from negative.

At the same time, the agency said it affirmed its long-term corporate credit rating on ALBA Group at BB-. In addition, the agency affirmed its B issue rating on ALBA Group's €203 million unsecured notes due in 2018. The recovery rating on the unsecured notes is unchanged at 6.

S&P said the outlook revision reflects ALBA Group's successful refinancing of its senior bank facility, which would have matured in December 2013. The group has refinanced this facility with a new €400 million senior bank facility maturing in October 2017, comprising a €200 million term loan and a €200 million revolving credit facility.

With the group having addressed its refinancing risk, S&P said it revised upward its assessment of ALBA Group's liquidity to adequate from less than adequate.

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