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S&P may upgrade VAC
Standard & Poor's said it placed the B- long-term corporate credit rating on VAC Holding GmbH on CreditWatch with positive implications.
The B short-term corporate credit rating was affirmed, S&P said.
The agency also said it placed all ratings on debt instruments issued by VAC Finanzierung GmbH and VAC KG on CreditWatch positive.
One Equity Partner, the sole shareholder of VAC Holding, has entered into definitive agreement to sell VAC to higher rated OM Group Inc. for €700 million. The transaction depends on certain regulatory approvals and is expected to close in the third quarter of 2011, the agency said.
S&P said it expects that VAC's rated debt will be repaid as part of the transaction.
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