S&P revises Techem to positive

Standard & Poor's said it revised its outlook on Techem GmbH to positive from stable.

At the same time, the agency affirmed its B+ long-term corporate credit rating on Techem and the B+ issue rating on its senior secured credit facilities and senior secured notes.

S&P also affirmed its B- issue rating on the proposed senior subordinated notes issued by related entity Techem Energy Metering Service GmbH & Co. KG.

S&P said the outlook revision primarily reflects Techem's recent deleveraging and its expectation of further deleveraging in the coming 12-18 months.

The agency bases this on the company's continued sales growth, overall stable profit margins, lower interest costs, and no material merger and acquisition (M&A) activity or excessive shareholder distributions.

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