S&P affirms Elis notes at BB

S&P said it affirmed the BB long-term corporate credit rating on Elis SA and affirmed the BB issue rating on its €800 million senior unsecured notes with a recovery rating of 3, indicating an estimate of meaningful recovery (50%-70%, rounded estimate 65%) in the event of a payment default.

The outlook is positive.

On Aug. 31, Elis obtained the necessary approval from its shareholders of the final terms of the acquisition of Berendsen plc. The transaction is expected to close on Sept. 12.

“We view the acquisition as somewhat positive from a business risk perspective. By combining both entities, we expect Elis to reach a revenue base of close to €3.2 billion in 2017, which is double Elis' revenue generation in 2016,” the agency said in a news release.

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