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S&P ups IFCO notes
Standard & Poor's said that it raised the long-term corporate credit rating on IFCO Systems NV to BBB from BB- and removed the rating from CreditWatch with positive implications, where it was placed on Nov. 16.
The outlook is stable.
S&P raised the issue rating on IFCO's €200 million of notes due 2016 to BBB from BB- and removed the recovery rating of 4, following the successful acquisition of the majority of shares in IFCO by Brambles Ltd. (BBB+/stable). The ratings on Brambles were unaffected.
The upgrade reflects the view that the standalone credit profile of IFCO has improved from its previous BB- level, largely due to its new ownership structure and because its new parent Brambles has stronger credit quality, the agency said.
The stable outlook reflects the current outlook on Brambles, the agency added.
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