S&P puts Diversey on watch

S&P said it placed all its ratings for Diversey Holdings Ltd. (Diamond (BC) BV), including its B issuer and debt ratings, on CreditWatch with negative implications.

The CreditWatch placement follows the announcement that Olympus Water Holdings IV LP (Solenis) has obtained equity and debt commitments to finance the acquisition of Diversey. Based on the announcement, the agency said it expects the deal will close in the second half of 2023.

“We placed our B issuer credit rating on Diversey on CreditWatch with negative implications to reflect that we may lower our rating on the company depending on our assessment of the post-merger company's business and capital structure. Assuming all of Diversey's debt has been repaid at close, we would then withdraw all ratings on the company,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch following the deal’s close or within the coming months as it gets more information regarding the planned capital structure and integration plan.

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