S&P revises ThyssenKrupp view to developing

S&P said it affirmed its BB/B long- and short-term issuer credit ratings on ThyssenKrupp AG and also removed the ratings from CreditWatch positive, where S&P placed them on Sept. 22, 2017. S&P assigned a developing outlook.

At the same time, S&P affirmed its BB rating on the group's senior unsecured debt and revised the recovery rating on this debt to 3 from 4, indicating that creditors can expect average (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

“The developing outlook reflects our view that the credit profiles of the two companies created by the planned division of ThyssenKrupp AG – tk Industrials and tk Materials – will fundamentally diverge,” S&P said in a news release.

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