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S&P: Befesa on CreditWatch developing
Standard & Poor's said it placed its long-term corporate credit rating on Befesa Zinc SA on CreditWatch with developing implications.
S&P also also placed the B rating on Befesa's €300 million senior secured proceeds loan and B rating on special-purpose vehicle Zinc Capital SA's 8 7/8% secured notes on CreditWatch developing.
The recovery rating on the €300 million senior secured proceeds loan remains unchanged at 3.
The CreditWatch placement follows Abengoa's announcement that it has agreed to sell Befesa to private equity fund Triton for €1.075,000,000 as part of its asset-rotation strategy, S&P said.
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