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S&P: Exova view to negative
Standard & Poor's said it revised the outlook on Exova Group Ltd. to negative from stable.
The agency also said it affirmed its long-term corporate credit rating at B, along with the B- rating on the £155 million senior unsecured notes due 2018, issued by Exova plc, formerly known as Exova Ltd.
The recovery rating is unchanged at 5, indicating 10% to 30% recovery in a default.
The agency also said it affirmed the BB- ratings on Exova plc's existing senior bank facilities. The recovery ratings also are unchanged at 1, reflecting 90% to 100% recovery in a default.
The ratings reflect a view of the group's highly leveraged financial risk profile and relatively limited short-term cost flexibility, S&P said.
The ratings also consider an opinion that credit risk metrics will deteriorate somewhat in 2011, the agency said.
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