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S&P changes Faerch Plast view
S&P said it revised its outlook to negative from stable on Faerch Plast Midco ApS and Faerch Plast Bidco ApS, holding companies of Faerch Plast Group AS.
At the same time, the agency affirmed the B long-term issuer credit ratings on Faerch Plast Midco and Faerch Plast Bidco.
The agency also affirmed the B issue-level rating on the senior secured facilities raised by Faerch Plast Bidco, comprising a 300 million term loan, 110 million term loan B2 and a 65 million revolving credit facility.
The recovery rating is 4, indicating an expectation of average recovery prospects (30%-50%; rounded estimate: 40%) in the event of a default.
The revised outlook reflects weaker than expected credit metrics and the possibility that Faerch Plast's leverage remains at or above 7.5x in 12 months, S&P said in a news release.
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