S&P: ALBA view to negative

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

The agency also said it affirmed its long-term corporate credit at BB-, along with the rating on ALBA Group's €203 million unsecured notes due in 2018 at B.

The recovery rating on the unsecured notes is unchanged at 6, indicating 0% to 10% recovery in a default.

The outlook revision reflects a view of refinancing risk associated with the maturity of ALBA Group's senior bank facility in December 2013, S&P said.

There is a possibility of a downgrade should ALBA Group not refinance its senior bank facility at least 12 months before the scheduled maturity date of December 2013, the agency said.

Weakening macroeconomic conditions in Europe have resulted in a decline in the general demand for scrap paper, plastics, wood and nonferrous metals, S&P said.

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