S&P: Exova view to stable

Standard & Poor's said it revised its outlook on Exova Group Ltd. to stable from negative.

At the same time, S&P affirmed its B long-term corporate credit rating on the group.

The agency affirmed its issue rating on the senior bank facilities issued by Exova plc at BB-, two notches above the corporate credit rating on Exova. These facilities comprise a £40 million term loan B due 2016, a £40 million term loan C due 2017 and a £35 million revolving credit facility due 2015, of which £10 million is available for letters of credit. The recovery rating on these instruments is 1.

Finally, S&P affirmed its issue rating on Exova's £155 million senior unsecured notes due 2018 and issued by Exova plc at B-, one notch below the corporate credit rating on Exova. The recovery rating on these notes is 5.

The outlook revision reflects the view that increasing demand for Exova's services, coupled with the company's ongoing efforts to strengthen its sales force and operate more efficiently, have resulted in good organic revenue growth, the agency said.

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