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S&P lowers Truvo
Standard & Poor’s said it lowered the long-term corporate credit rating on Truvo NV to CC from CCC-.
The outlook is negative.
The agency also said it lowered the rating on Truvo’s €170 million senior secured term loan A due 2015 to C from CCC-.
S&P also said it revised the recovery rating on this instrument to 5 from 4, indicating 10% to 30% expected default recovery.
The agency also said it affirmed the C rating on Truvo’s €113 million second-lien term loan B due 2015 and on holding company Talon PIKco NV’s €71 million payment-in-kind notes due 2019. The recovery rating on these instruments is unchanged at 6, indicating 0 to 10% expected default recovery.
The downgrade reflects a view that Truvo’s capital structure is unsustainable and the group is likely to implement a debt-restructuring, S&P said.
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