S&P rates Rapid loan BB, notes B+

Standard & Poor’s said it assigned its B+ long-term corporate credit rating to Rapid Holding GmbH, the top holding company of wind turbine maker Senvion. The outlook is stable.

At the same time, S&P assigned a BB issue rating to Rapid’s €125 million super senior revolving credit facility. The recovery rating of 1 indicates an expectation of very high recovery (90%-100%) in the event of a payment default.

S&P also assigned a B+ issue rating to Rapid’s €400 million senior secured notes. The recovery rating of 3 reflects an expectation of meaningful recovery at the lower half of the 50%-70% range in the event of a payment default.

“Our B+ rating on Rapid reflects our view of the group’s ‘aggressive’ financial risk profile and ‘weak’ business risk profile,” S&P said in a news release.

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