S&P might lower Techem

S&P said it placed on CreditWatch with negative implications its BB- long-term issuer credit ratings on Techem Energy Metering Service GmbH & Co. KG and Techem GmbH.

The agency affirmed the B short-term issuer credit ratings.

At the same time, S&P placed its BB- long-term issue rating on Techem's senior secured facilities on CreditWatch with negative implications, with an unchanged recovery rating of 3.

The agency said the CreditWatch placement follows the announcement by Macquarie Infrastructure and Real Assets that it signed an agreement to sell its 100% interest in Techem via Macquarie European Infrastructure Fund 2 to a consortium of Partners Group, Ontario Teachers' Pension Plan, Caisse de dépôt et placement du Québec and management, for an enterprise value of €4.6 billion.

“We expect that Techem's new capital structure will be highly leveraged, with higher adjusted debt than at present,” S&P said in a news release.

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