S&P rates Elster notes BB-

Standard & Poor's said that it assigned a BB- corporate credit rating to Elster Group SE and a BB- issue-level rating to Elster Finance BV's €250 million of senior notes due 2018. The recovery rating is 3, indicating the expectation of a meaningful (50%-70%) recovery for noteholders in a payment default scenario.

The outlook is stable.

The ratings on Elster reflect its fair business risk profile and its aggressive financial risk profile as well as its position as one of the world's largest providers of gas, electricity and water meters and related communications, networking and software solutions, the agency said.

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