S&P affirms Alliance Automotive

S&P said it revised its outlook on Alliance Automotive Holding to stable from negative and affirmed the long-term corporate credit rating on Alliance Automotive at B+.

In addition, S&P affirmed the B+ issue rating on Alliance Automotive Finance plc's €360 million of fixed-rate notes and €100 million of floating-rate notes. The recovery rating remains at 4, indicating an expectation of recovery in the lower half of the 30%-50% range in the event of a payment default.

S&P also affirmed its BB issue rating on the €50 million super senior revolving credit facility issued by Alliance Automotive Investment Ltd. The recovery rating on this facility remains at 1, indicating an expectation of 90%-100% recovery in the event of a payment default.

S&P said the outlook revision follows Alliance Automotive’s strong performance in 2015 and S&P’s updated expectation that robust EBITDA growth in 2016-2017 should offset a recent increase in gross debt.

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