| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Wise Holdings Finance Corp. > News item |
S&P upgrades Wise Metals
Standard & Poor's said it raised its long-term corporate credit rating on Wise Metals Intermediate Holdings LLC to B from B-.
The outlook is stable.
At the same time, the agency raised its issue rating on the $650 million senior secured notes issued by Wise Alloys Finance Corp. due 2018 to B- from CCC+. The recovery rating remains 5.
S&P also raised its issue rating on the $150 million senior unsecured payment-in-kind notes due 2019, issued by Wise Holdings Finance Corp., to CCC+ from CCC. The recovery rating remains 6.
S&P said the actions reflect its view that Wise Metals will be a core subsidiary of French aluminum producer Constellium NV following the acquisition that is expected to close at the beginning of January.
The agency bases this view on Wise Metals' size and strategic fit within the Constellium group. It is therefore aligning the corporate credit rating on Wise Metals with that on Constellium.
© 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.