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S&P may lift Rexel
Standard & Poor's said it placed the B+ long-term corporate credit rating on Rexel SA on CreditWatch with positive implications. The recovery rating remains unchanged at 4.
The B short-term corporate credit rating was affirmed.
"The CreditWatch placement reflects Rexel's operating performance for the first half of 2010 - which was somewhat more resilient than we had anticipated - and our expectations that Rexel should sustainably be able to meet credit metrics compatible with a rating above its current B+," S&P analyst Eric Tanguy said in a statement.
The company's adjusted debt-to-EBITDA ratio fell to 5 times from 5.6 times at year-end 2009.
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