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S&P upgrades HellermannTyton
Standard & Poor's said it raised its long-term corporate credit ratings on HellermannTyton Alpha Sarl and its operating company HellermannTyton Beta Sarl to BB- from B+.
The outlook is stable.
At the same time, S&P raised its issue rating on the €220 million senior secured floating-rate notes issued by HellermannTyton Finance plc, a fully owned subsidiary of HellermannTyton, to BB- from B+. The 3 recovery rating on the notes remains unchanged
S&P said the upgrade follows the successful completion of the IPO of HellermannTyton Group plc, the new holding company above HellermannTyton Alpha and HellermannTyton Beta.
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