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S&P places SUSE on watch
S&P said it placed its BB- ratings for SUSE SA and its bank debt on CreditWatch with negative implications.
The negative watch comes after the issuer’s majority holder EQT announced its offer to take SUSE private.
“We understand that the transaction could entail an increase in interest-bearing debt of up to €500 million, which will increase SUSE's adjusted leverage to potentially above 5x at year-end 2023, compared with 3.3x at year-end 2022,” S&P said in a press release.
The added leverage will push SUSE’s leverage beyond the agency’s downgrade trigger, S&P said.
The agency warned it could downgrade SUSE a notch after the delisting.
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