S&P: Flender on watch positive

Standard & Poor's said it placed on CreditWatch positive its B+ long-term corporate credit rating on Flender Holding GmbH following the announcement that Flender will be acquired by Siemens AG (AA-/stable/A-1+).

At the same time, the B- senior secured debt rating on Flender's €250 million bond was also placed on CreditWatch positive.

Siemens has announced that it will purchase Flender from Citigroup Venture Capital Equity Partner for €1.2 billion.

S&P said the CreditWatch placement primarily reflects the potentially positive impact on Flender's ratings of Siemens' stronger credit quality, which will strengthen Flender's business and financial profiles.

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