S&P lifts Armacell first-lien loan recovery rating

S&P said it reviewed the recovery and issue-level ratings on Avocado Bidco Luxembourg Sarl (Armacell) that were considered under criteria observation after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it revised the recovery ratings on the company’s first-lien €100 million revolving credit facility and €490 million term loan to 3 from 4 based on improved recovery prospects now indicating 50% to 70% expected default recovery.

The agency also said it affirmed the issue ratings on the revolver and the loan at B.

S&P also affirmed the CCC+ rating on the group's second-lien debt.

These actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

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