S&P gives Hydra Dutch notes B

Standard & Poor's said it assigned its B preliminary long-term corporate credit rating to Hydra Dutch Holdings 2 BV, a holding company within water and coffee solutions provider Eden Springs group.

The outlook is stable.

At the same time, the agency assigned its B preliminary issue rating to the group's proposed €210 million senior secured floating-rate notes due 2019. The preliminary recovery rating on these notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.

S&P said the preliminary ratings reflect its assessment of the group's business risk profile as "fair" and financial risk profile as "highly leveraged."

The preliminary ratings also encompass the agency's assessment of the group's liquidity as "adequate" pro forma for the refinancing.

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