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S&P lifts, withdraws Royal Holdings
S&P said it raised its corporate credit rating on Royal Holdings Inc. to BB+ from B, in line with the rating on HB Fuller Co.
The agency also raised the first-lien debt rating to BB+ from B with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%; rounded estimate: 50%) recovery in the event of payment default.
S&P also raised the issue-level rating on the second-lien debt to BB- from CCC+ with a recovery rating of 6, indicating an expectation for negligible (0% to 10%; rounded estimate: 5%) recovery.
The agency also removed all ratings from CreditWatch, where they were placed with positive implications on Sept. 5. S&P subsequently withdrew all ratings on Royal at the company's request.
The actions follow the completion of HB Fuller's acquisition of Royal in October and the repayment of all of Royal's debt, the agency said.
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