S&P rates Kerneos notes B+

Standard & Poor's said it assigned its preliminary B+ long-term corporate credit rating to Kerneos Tech Group SAS, a holding company for France-based calcium aluminates cement producer Kerneos Aluminates SAS (Kerneos).

The outlook is stable.

At the same time, S&P assigned a preliminary B+ issue rating to the group's proposed €335 million senior secured notes due 2021. The preliminary recovery rating on these notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.

The preliminary ratings on Kerneos Tech Group reflect S&P's assessment of Kerneos' business risk profile as "fair" and financial risk profile as "highly leveraged." S&P's preliminary ratings assessment also encompasses its view of the comparable ratings analysis as "positive" and liquidity as "adequate."

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