S&P boosts Loparex, rates loans

S&P said it raised the issuer rating for PHM Netherlands Midco BV (Loparex) to CCC+ from SD, Selective Default. The agency also upgraded the ratings on existing first-lien term loans to CCC- from D and affirmed its CCC- rating on the second-lien term loan.

Concurrently, S&P assigned B issue-level and 1 recovery ratings to Loparex's new first-out ($175 million) debt facility, CCC+ issue-level and 3 recovery ratings to the new second-out ($280 million) debt facility, and CCC- and 6 recovery ratings to the new third-out ($203 million) debt facility.

The ratings actions follow Loparex completing its distressed debt exchange. S&P noted it still considers the company’s capital structure unsustainable.

The outlook is negative.

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