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S&P upgrades MHP, bonds to B
S&P said it raised the local and foreign currency long-term corporate credit ratings on MHP SA to B from B-.
The outlook is stable.
The agency also upgraded the issue rating on MHP's senior unsecured bonds to B from B-. All the group's unsecured debt is rated B.
S&P removed the corporate credit rating and the issue rating on the group's senior unsecured bonds from CreditWatch with positive implications, where they were placed on April 18.
S&P said the upgrade and the CreditWatch resolution reflect MHP's successful Eurobond issuance and the implementation of the group's financing strategy to lengthen its debt maturity profile while enhancing its liquidity.
Following the $500 million debt placement on April 27, MHP successfully achieved a tender offer of $245 million on its $750 million Eurobond maturing 2020, allowing the group to extend the maturity of its overall debt portfolio, the agency explained.
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