S&P gives BB to Rexel bonds

Standard & Poor's said it affirmed its BB long-term and B short-term corporate credit ratings on Rexel SA.

The outlook remains stable.

In addition, the agency assigned an issue rating of BB and a recovery rating of 4 to the proposed €500 million senior unsecured bonds due 2022. This is in line with the recovery and issue ratings on the existing senior secured bonds (€1 billion revolving credit facility, $500 million notes due 2020 and €650 million notes due 2020), which were affirmed.

S&P said the ratings reflect its view of the group's leading position in the electrical product distribution market as well as its broad customer and geographic diversification. Partly offsetting these strengths are the group's exposure to cyclical end markets, such as new construction and industrial capital improvements, and its exposure to copper price volatility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.