S&P reviews Holdelis, Novalis

Standard & Poor's said it placed the B+ long-term corporate credit ratings on Holdelis SAS and its holding company Legendre Holding 27 on CreditWatch with positive implications.

At the same time, the agency placed the following issue ratings on CreditWatch positive:

• The B+ rating and 3 recovery rating on Novalis SAS' €450 million senior secured notes due 2018;

• The B- rating and 6 recovery rating on the €380 million private senior subordinated notes due 2018; and

• The B- rating and 6 recovery rating on Legendre Holding 27's €173 million private senior payment-in-kind due 2018.

The CreditWatch placement follows the group's recent announcement of an IPO, through which it plans to raise about €700 million.

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