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S&P: Rexel view to positive
Standard & Poor's said it revised the outlook on Rexel SA to positive from stable.
The agency also said it affirmed Rexel's BB- long-term and B short-term corporate credit ratings, along with the BB- ratings on its cumulative €1.5 billion revolving credit facilities and €650 million and €500 million senior unsecured notes.
The recovery ratings on all these instruments are unchanged at 4.
The outlook revision reflects Rexel's strong operating performance so far in 2011, with sales growing by 7.3% and the EBITDA margin improving to 5.4% in the first half of 2011, S&P said.
The outlook revision is based on an opinion that the group's credit metrics will remain strong for the current ratings, the agency said.
The company is expected to maintain these credit metrics despite an anticipated pick-up in acquisition activity, S&P said.
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