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S&P might lift Boardriders
S&P said it placed the ratings on Boardriders Inc., including the CCC+ corporate credit rating, on CreditWatch with positive implications.
The agency said the CreditWatch placement follows the announcement that Boardriders plans to acquire Billabong for about A$197.7 million ($155 million).
S&P said it expects to resolve the CreditWatch when the company announces financing details for the transaction and after the agency assesses Boardriders' pro forma capital structure and credit measures.
“We anticipate that if we were to raise the rating, it would be limited to one notch,” the agency said in a news release.
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