S&P drops Refresco outlook

Standard & Poor's said it revised its outlook on Refresco Group BV to negative from stable.

At the same time, the agency said it affirmed its BB- long-term corporate credit rating on Refresco. The agency said it also affirmed its BB- issue rating on the €660 million senior secured notes due 2018 issued by Refresco. The recovery rating on the notes is unchanged at 4.

S&P said the outlook revision reflects the deterioration in Refresco's credit metrics so far in 2011 and S&P's view that the group may not be able to restore its debt protection metrics in line with a BB- rating in 2012.

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