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S&P ups Thevelia, Vistra Group
S&P said it raised its ratings on Thevelia Holdings Ltd. and Vistra Group Holdings (BVI) I Ltd. to B+ from B and the first-lien term loans that Thevelia (US) LLC issued to B+, from B. The recovery rating remains at 3, although recovery prospects have declined to 55% from 65% given an increase in gross debt.
The upgrade follows Thevelia completing its acquisition of Vistra, which has “significantly enlarged the company's scale, geographical footprint, and offerings in the corporate service industry,” S&P said in a press release.
The agency said it also removed the ratings from CreditWatch where they were placed with positive implications on March 16.
“The combination will more than double the company's scale. More importantly, it has extended Thevelia's geographical footprint in the U.S. and Europe and added new products and services,” S&P said in a statement.
The outlook is stable.
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