S&P: Xella stable

Standard & Poor's said it revised its outlook on Xella International SA to stable from negative.

At the same time, the agency said it affirmed its long-term corporate credit rating on Xella at B+.

In addition, S&P affirmed its B+ issue rating on the €300 million senior secured notes issued by Xella's financing vehicle Xefin Lux SCA. The recovery rating on the notes is 3.

The agency said the outlook revision follows Xella's public announcement that it has obtained approval to reset the leverage covenant under its bank facility, thereby ensuring at least 15% headroom under this covenant for the next 18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.