S&P puts Faerch on positive watch

S&P said it placed its B- ratings for Faerch Midco ApS and Faerch Bidco ApS and the senior secured facilities on CreditWatch with positive implications.

The placement follows owner Advent International reporting it agreed to sell Faerch Group A/S to A.P. Moller Holding.

“Although the details of the potential transaction have not been disclosed, we believe that A.P. Moller may pursue a less aggressive financial strategy than private-equity firm Advent International. A.P. Moller's financial standing in credit markets could also lead to lower funding costs for Faerch when it refinances its existing debt facilities,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch after evaluating the implications of the change in ownership.

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