S&P: Tyrol view to negative

Standard & Poor’s said it revised the outlook on Tyrol Acquisition 1 SAS to negative from stable.

The agency also said it affirmed the company’s B long-term corporate credit rating.

S&P also said it affirmed the B and CCC+ ratings and 3 and 6 recovery ratings on the company’s first-lien and second-lien senior secured term loans, respectively.

The outlook revision reflects an opinion that the company has not made significant progress in refinancing its large approaching 2016 debt maturities, the agency said.

S&P also said it anticipates relatively limited free cash flow generation over the next three years after heavy interest charges, restructuring costs and high capital expenditure.

In addition, the agency said it assessed the company’s financial policy as very aggressive, reflecting the group’s majority control by private equity groups and risks stemming from occasional acquisitions.

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