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S&P upgrades Elsan, loan to B+
S&P said it raised the long-term corporate credit rating on Elsan SAS to B+ from B.
The outlook is stable.
At the same time, the agency upgraded the issue rating on Elsan's €1.3 billion term loan B to B+ from B in line with the corporate credit rating. The 3 recovery rating reflects an expectation of meaningful recovery (50%-70%; rounded estimate 60%) in the event of payment default.
The ratings were removed from CreditWatch with positive implications, where they were placed on Dec. 5, 2016.
S&P also withdrew the B long-term corporate credit and issue ratings on Holding Medi-Partenaires SAS (HMP) upon the redemption of all outstanding rated debt.
The upgrade follows Elsan’s acquisition of HMP. Elsan has effectively repaid all the outstanding debt and acquired all the shares of HMP, funded partially with incremental debt and cash, combined with an equity injection of 35%.
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