S&P assigns B to Axion Holding

S&P said it assigned its B long-term issuer credit rating to Axion Holding Cyprus Ltd.

The outlook is stable.

The agency said the rating reflects a view that Axion has moderately increased its S&P-adjusted EBITDA to about $33 million in 2017 from about $28 million in 2016.

“This improvement stems mostly from organic growth,” S&P said in a news release.

The agency said it also considers that the refinancing risk and liquidity risk related to Axion's debt portfolio has substantially decreased.

This is because in December 2017, Axion refinanced a significant part of its short-term domestic loans with domestic bonds maturing in July and December 2020, S&P said.

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