S&P rates Yioula Glassworks notes B

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Yioula Glassworks SA and a B rating to the group's proposed €130 million senior unsecured notes.

The outlook is stable.

Proceeds from the notes will be used for debt refinancing, the acquisition of a Ukrainian business, and to fund capital investments.

The ratings reflect Yioula's highly leveraged financial risk profile, limited size and diversification, as well as the group's exposure to the seasonal food and beverage industry, the agency said.

S&P also said these factors are mitigated by Yioula's good cost position arising from its low cost base in southeast Europe and high plant efficiency from well-invested assets, with high utilization rates resulting from the group's large market shares.

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