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Prospect News home > News index > List of issuers A > Headlines for ATU Auto-Teile-Unger Handels GmbH & Co. KG > News item |
S&P rates ATU B+, bonds B-
Standard & Poor's said it assigned its B+ long-term corporate credit rating to A.T.U. Auto-Teile-Unger reflecting its high leverage. The outlook is negative.
S&P also assigned a B- senior subordinated debt rating to the proposed €150 million bonds to be issued by financial vehicle A.T.U. Investment GmbH & Co. KG, guaranteed by ATU, reflecting its contractual and structural subordination to higher priority debt.
"The rating on ATU reflects its very aggressive financial risk profile, owing to its high leverage following the second leveraged buyout of the company by U.S. investor Kohlberg Kravis Roberts & Co. in June 2004," said S&P credit analyst Olaf Toelke.
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