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S&P changes Linxens view
S&P said it revised its outlook on Financiere Lully C SAS (Linxens) to stable from positive and affirmed its B long-term corporate credit rating.
The agency also revised the outlook on Linxens France SA and Linxens Singapore Pte. Ltd. to stable from positive and affirmed the B long-term corporate credit ratings.
At the same time, S&P affirmed the B issue rating on the existing senior secured first-lien term loans and the revolving credit facility. The recovery rating is 3, indicating an expectation of meaningful (55%) recovery in the event of a payment default.
S&P affirmed the CCC+ issue rating on the second-lien term loan due 2023. The 6 recovery rating remains, indicating an expectation of negligible (0%) recovery in the event of a payment default.
“The outlook revision reflects that we now expect Linxens' pro forma 2017 revenues to decline by 5% year-on-year compared with our previous estimate of 9% growth,” the agency said in a news release.
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