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S&P lifts Nordenia, notes
Standard & Poor's said it raised to BBB- from B+ its long-term corporate credit rating on Nordenia International AG.
Additionally, the agency said it raised its issue rating on Nordenia's €280 million senior unsecured second-priority notes to BBB- from B.
At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with positive implications on July 11. The outlook is stable.
S&P said the upgrade follows the announcement by Mondi Group that it has completed the acquisition of Nordenia. As a result, the agency said it equalized its long-term corporate credit rating on Nordenia with that on Mondi Group.
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