S&P changes Linxens view

S&P said it revised its outlook on Financiere Lully C SAS (Linxens) to stable from positive and affirmed its B long-term corporate credit rating.

The agency also revised the outlook on Linxens France SA and Linxens Singapore Pte. Ltd. to stable from positive and affirmed the B long-term corporate credit ratings.

At the same time, S&P affirmed the B issue rating on the existing senior secured first-lien term loans and the revolving credit facility. The recovery rating is 3, indicating an expectation of meaningful (55%) recovery in the event of a payment default.

S&P affirmed the CCC+ issue rating on the second-lien term loan due 2023. The 6 recovery rating remains, indicating an expectation of negligible (0%) recovery in the event of a payment default.

“The outlook revision reflects that we now expect Linxens' pro forma 2017 revenues to decline by 5% year-on-year compared with our previous estimate of 9% growth,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.