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S&P rates DEA Group BB-
S&P said it assigned a BB- long-term corporate credit rating to DEA Group (L1E Finance GmbH & Co. KG).
The agency also said it affirmed the BB- long-term corporate credit rating on DEA Group's wholly owned subsidiary Deutsche Erdoel AG.
The outlook is stable.
S&P also raised the rating on the €400 million senior unsecured notes due in 2022 issued by DEA Finance SA and guaranteed by DEA Group to BB- from B+.
The recovery rating is now 4, indicating 30% to 50% expected default recovery.
The rating actions reflect the company's growth prospects in the coming years with modest increase in its absolute debt, as well as adequate liquidity, S&P said.
After completing its investment program, the company will enjoy a stronger and more diversified portfolio, the agency said.
The rating on DEA Group mirrors that on its fully owned subsidiary DEA, S&P noted.
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