S&P assigns B ratings to Heide

S&P said it assigned a B long-term issuer credit rating to Raffinerie Heide GmbH (Heide).

The agency also said it assigned a B rating to Heide's senior secured debt.

The recovery rating is 3, indicating 50% to 70% expected default rating.

The outlook is stable.

The ratings reflect the company's vulnerable business risk profile and highly leveraged financial risk profile based on its capital structure, S&P said.

The agency said the assessment of Heide's business risk underscores that it is a single-asset company in a highly cyclical industry.

The company has a strong competitive position in northwestern Germany, unique location and somewhat captive market for its products, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.