S&P drops Impress outlook to positive

Standard & Poor's said it revised its outlook on Impress Holdings BV to stable from positive, following the group's announcement of a proposed refinancing and changes in its capital structure.

The B long-term corporate credit rating was affirmed, S&P said.

At the same time, S&P said it assigned its B issue rating to Impress' proposed €730 million secured notes, at the same level as the corporate credit rating, adding that the notes have been assigned a recovery rating of 2.

The proposed €270 million subordinated notes have been assigned a CCC+ rating, two notches below the corporate credit rating, the agency said, adding that the outlook revision reflects Impress' significant increase in leverage as a result of the refinancing.

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