S&P affirms Magnesita

S&P said it affirmed the BB global scale and brAA national scale ratings on Magnesita Refratarios SA and affirmed the BB issue-level ratings on Magnesita Refractories Co.'s and Magnesita Finance Ltd.'s senior unsecured notes, which the parent fully and unconditionally guarantees.

The ratings on the senior unsecured notes are at the same level as the corporate credit rating on Magnesita, reflecting a recovery rating of 3, given the expected meaningful recovery of 60% (rounded).

The outlook remains stable.

S&P said the affirmation reflects a view that Magnesita's credit quality is unchanged following the merger with RHI AG.

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