S&P: Maxeda unaffected

Standard & Poor's said its ratings and outlook on Victoria Acquisition III BV (Maxeda, B+/stable) are unchanged following the group's announcement of a potential sale of its general-merchandise retail subsidiary, HEMA BV.

Although the transaction would lead to a significant reduction in business diversity, this could be compensated if Maxeda's debt is materially reduced, the agency said.

At this stage, however, the amount of proceeds and subsequent leverage level are unknown, S&P noted, adding that as new information becomes available, it will update its assessment of the group's credit quality.

Any improvement of Maxeda's financial profile will be assessed in the broader and longer term context of the group's ownership by a private equity consortium with a strongly shareholder-focused financial policy, the agency said.

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