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S&P upgrades CEVA
Standard & Poor's said it raised the long-term corporate credit ratings on CEVA Group plc and its holding company CEVA Holding LLC to B- from CCC+.
S&P also said it raised the rating on CEVA's $390 million first-lien notes to B- from CCC+. The recovery rating is 4, reflecting 30% to 50% expected default recovery.
The agency said it also raised the rating on the company's $43 million 12¾% senior notes due in 2020 to CCC from CCC-. The recovery rating is 6, reflecting 0% to 10% expected default recovery.
S&P also said it removed all of the ratings from CreditWatch, where they were placed with positive implications March 5.
The outlook is stable.
The actions follow the completion of CEVA's debt refinancing and reflect the impact on CEVA's credit metrics, the agency said.
The ratings consider the company's weak business risk profile and highly leveraged financial risk profile, S&P said.
The freight-management business faces difficult market conditions, which has led to the company's declining volumes and profitability, the agency said.
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