France-Based Albea Beauty Holdings 'B' Rating Affirmed, Proposed Debt Rated 'B'; Outlook Stable
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1 Research Update: France-Based Albea Beauty Holdings 'B' Rating Affirmed, Proposed Debt Rated 'B'; Outlook Primary Credit Analyst: Varvara Nikanorava, London (44) ; Secondary Contact: Terence O Smiyan, London (44) ; terence.smiyan@spglobal.com Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Recovery Analysis Related Criteria Ratings List MARCH 27,
2 Research Update: France-Based Albea Beauty Holdings 'B' Rating Affirmed, Proposed Debt Rated 'B'; Outlook Overview Cosmetics packaging company Albea Beauty Holdings S.A. intends to issue a new $816 million-equivalent term loan B to refinance its existing 245 million senior secured notes and $385 million senior secured notes, and to pay a dividend to its shareholders. We expect the transaction to lead to an increase in absolute debt but have a positive effect on Albea's interest cover and strengthen its liquidity. We are affirming our 'B' long-term corporate credit rating on the company. We are also assigning our 'B' issue rating to the proposed term loan B. The stable outlook reflects our expectation that Albea's improving operating performance and financial policies will allow the company to maintain credit metrics commensurate with our 'B' rating in the near term, while liquidity remains adequate. Rating Action On March 27, 2017, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on France-based cosmetics packaging company Albea Beauty Holdings S.A. The outlook is stable. At the same time, we assigned our 'B' issue rating to the proposed $816 million term loan B with a recovery rating of '4', reflecting our expectation of average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. Rationale The affirmation reflects our expectation that the proposed transaction will be largely neutral to the credit quality of Albea, leading to higher absolute debt which is partially offset by improved interest coverage ratios. The refinancing transaction will also eliminate medium-term refinancing risks by pushing Albea's nearest debt maturity to 2024, compared with its existing capital structure where both sets of notes million senior secured notes and $385 senior secured notes--are due in As a part of the transaction, the company is paying a $68 million dividend to its owner Sun Capital Inc. We expect pro forma the proposed transaction leverage to slightly increase because Albea's absolute reported debt will increase by about $140 million MARCH 27,
3 from the reported year-end 2016 of $738 million. However, this will be balanced by a substantially lower expected interest expense which should boost the funds from operations (FFO) interest cover from about 2x to an expected 3x in We also forecast that the FFO-to-debt ratio will improve toward 10% from mid-to-high single-digit levels in We also view positively Albea's intention to put in place a $105 million revolving credit facility (RCF) which will enhance the company's liquidity position and provide flexibility for growth. We understand that Albea will retain its 100 million European factoring facility and its $60 North American asset-based lending (ABL) facility for working capital management purposes. Our assessment of Albea's fair business risk profile is constrained by the company's exposure to what we view as more cyclical end markets, where spending is somewhat discretionary compared to some other rated peers in the packaging portfolio who cater, for example, to pharma or food and beverage industries. Our assessment also takes into account the company's relatively high customer concentration compared with other packaging companies--with the top-10 customers accounting for more than half of its revenues--and what we view as below-industry-average profitability, with recent EBITDA margins close to 12%. Partly mitigating these constraints are the company's broad geographical reach and strong market positions, especially in higher-growth emerging markets. The beauty and cosmetics packaging market has higher barriers to entry than some other packaging sectors (such as plastic film packaging) as industry expertise and innovative production are supported by ongoing research and development efforts. Beauty packaging remains an integral part of the end product, especially for high-end products where Albea has established expertise, and is a key part of the customer purchasing decision and therefore the company's marketing efforts. Albea benefits from long-standing relationships with blue chip customers such as L'Oréal, Estée Lauder, LVMH, and Procter & Gamble, and has a high customer retention rate. Its ability to pass on volatile raw material costs to customers, paired with its presence in a market with higher barriers to entry than other packaging industries, further supports the ratings. After Albea acquired the cosmetics business from Rexam in 2012, a lot of work has been done to integrate the business and rationalize its manufacturing spread. The company retained a good grasp over its working capital and a balanced growth path, in our view. Going forward, we think restructuring costs will decrease over the medium term, resulting in gradually improving profitability, cash flow generation, and credit metrics as a result. In our base case for 2017, we assume: Single-digit revenue growth; Profitability improvement resulting in the reported EBITDA margin increasing toward 13% (compared with about 12% for 2016); Capital expenditure (capex) of about $75 million; and No major acquisitions or shareholder distribution. MARCH 27,
4 Based on these assumptions, we arrive at the following credit measures: FFO to debt of about 10% (compared with about 8% for 2016); and FFO cash interest cover of about 3x (compared with about 2x for 2016). Liquidity We assess Albea's liquidity position as adequate, based on our expectation that sources will exceed its uses by more than 1.2x over the next 12 months. The liquidity position is supported by a long-dated maturity profile and the absence of financial maintenance covenants after the refinancing and the new RCF. We estimate that principal liquidity sources over the next 12 months from January 2017, pro forma the transaction, will comprise: Cash balances of about $85 million as of end-december 2017; Full $105 million availability under the new RCF in 2023; Full availability under its $60 million North American ABL facility and 100 million European factoring facility, both available until 2019; About $3 million of asset sale proceeds; Forecast cash FFO of about $85 million-$95 million; and The issuance of the new $816 million term loan B. We estimate that principal liquidity uses over the same period will comprise: Annual capex of about $75 million; Intrayear peak working capital requirements of about $20 million; Immaterial term loan B U.S. dollar-tranche amortization payments; Approximately $60 million in transaction fees and call premium; The redemption of the existing senior secured notes and repayment of drawings under its ABL and factoring lines including accrued interest of about $690 million; and A dividend to the shareholder of about $68 million. We understand that the new financing will not have any maintenance covenants. Only the new RCF will include a springing covenant which will be tested when drawn at 40% of the limit. Outlook The stable outlook reflects our expectation that Albea's improving operating performance and financial policies will allow it to maintain credit metrics commensurate with our 'B' rating in the near term, while liquidity remains adequate. We anticipate that the company's leverage ratio will stabilize at about 6x, with FFO to debt improving toward 10% over the next 12 months. Upside scenario A positive rating action would likely depend on a sustainable improvement in the company's financial performance above our expectations for the current ratings, such as an adjusted FFO-to-debt ratio of about 12% and adjusted debt MARCH 27,
5 to EBITDA of about 5x. These ratios, in conjunction with a financial policy that supports such levels on a sustainable basis, could trigger an upgrade. However, we consider such a scenario remote at this stage due to the company's current shareholder structure. Downside scenario We could lower the ratings if Albea's operating performance weakened materially due to significant input-cost inflation or weak volume growth, resulting in weakening credit metrics such as FFO cash interest cover of below 1.5x. We could consider a downgrade if liquidity becomes tighter than we currently anticipate, leading us to revise our assessment to weak. This could result from integration cost overruns or unexpected working capital constraints. A substantial return to shareholders or substantial acquisitions could also trigger a downgrade. Ratings Score Snapshot Corporate Credit Rating: B//-- Business risk: Fair Country risk: Low Industry risk: Intermediate Competitive position: Fair Financial risk: Highly leveraged Cash flow/leverage: Highly leveraged Anchor: b Modifiers Diversification/Portfolio effect: Neutral (no impact) Capital structure: Neutral (no impact) Financial policy: FS-6 (no additional impact) Liquidity: Adequate (no impact) Management and governance: Fair (no impact) Comparable rating analysis: Neutral (no impact) Recovery Analysis Key analytical factors The issue rating on Albea's proposed senior secured $816 million term loan B is 'B', in line with the corporate credit rating. The recovery rating is '4', indicating our expectation of average recovery (30%-50%, rounded estimate 45%) in the event of a payment default. This is supported by our going concern assumption and the senior secured ranking of these facilities, but constrained by the existence of some prior-ranking liabilities (such as ABL and factoring facilities and local MARCH 27,
6 working capital lending). We expect that the proceeds of the new term loan will be used to refinance the existing $385 million and 245 million senior secured notes due 2019, and pay a $68 million exceptional dividend to shareholders. Our view of the security package provided to senior secured lenders is relatively weak as it comprises only share pledges, pledges over intercompany receivables, and bank accounts. In the U.S., lenders will receive security over all assets except those pledged for the benefit of ABL lenders. We also note the limitation of the facilities' guarantee package, as certain jurisdictions will be excluded from the guarantor coverage test. The documentation is covenant lite, there will be a senior secured leverage ratio tested only if at least 40% of revolving commitments are drawn. The documentation would also permit the issuance of an incremental facility up to $130 million or 75% of consolidated EBITDA, and other alternative senior secured debt provided that the senior secured leverage ratio does not exceed 4.60x (closing leverage). We also highlight the presence of a portability clause, which would permit a change of control subject to certain conditions. Our hypothetical default scenario would likely be triggered by a combination of falling revenues, owing to intensified competition and slowing demand in challenging European markets and China, as well as margin pressure caused by inflation in raw material costs. We value the company as a going concern, given its leading market position in the niche beauty and cosmetics packaging market--which has relatively high barriers to entry--and its long-standing relationship with blue chip customers. Simulated default assumptions Year of default: 2020 Jurisdiction: France Simplified waterfall Emergence EBITDA: $120 million (minimum capex at 3% of sales, representing our estimate of the amount of capex that the company would need to spend, at minimum, in a default scenario; cyclicality adjustment of 5% is standard for the containers and packaging industry; no operational adjustment was used) Multiple: 5.0x (in line with the industry-average multiple) Gross enterprise value at emergence: $599 million Net enterprise value after administrative expenses (5%): $569 million Priority liabilities (ABL facility, factoring, and local lending): $137 million* Estimated senior secured debt claims: $926 million* Recovery expectation: 30%-50% (rounded estimate 45%) *Includes six months' prepetition interest. MARCH 27,
7 Related Criteria Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 07, 2016 Criteria - Corporates - Recovery: Methodology: Jurisdiction Ranking Assessments, Jan. 20, 2016 Criteria - Corporates - General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 Criteria - Corporates - General: Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013 General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 General Criteria: Methodology: Industry Risk, Nov. 19, 2013 General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013 Criteria - Corporates - Industrials: Key Credit Factors For The Containers And Packaging Industry, Nov. 19, 2013 General Criteria: Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 07, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008 Ratings List Ratings Affirmed Albea Beauty Holdings S.A. Corporate Credit Rating B//-- Senior Secured B Recovery Rating 4(45%) New Rating Albea Beauty Holdings S.A. Senior Secured B Recovery Rating 4(45%) Additional Contact: Industrial Ratings Europe; Corporate_Admin_London@spglobal.com Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed MARCH 27,
8 to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) MARCH 27,
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Research Update: BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
More informationAfrican Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable
Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Primary Credit Analyst: Matthew D Pirnie, Johannesburg (27) 11-213-1993; matthew.pirnie@standardandpoors.com
More informationEstonian Power Utility Eesti Energia 'BBB' Ratings On CreditWatch Negative On Announced Plans To Acquire Nelja Energia
Research Update: Estonian Power Utility Eesti Energia 'BBB' Ratings On CreditWatch Negative On Announced Plans To Acquire Nelja Energia Primary Credit Analyst: Anna Brusinets, Moscow +7 (495) 7834060;
More informationCity of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable
Research Update: City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Primary Credit Analyst: Dina Shillis, CFA, Toronto (416) 507-3214; dina.shillis@spglobal.com Secondary
More informationSpain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive
Research Update: Spain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive Primary Credit Analyst: Antonio Rizzo, Madrid (34) 91-788-7205; Antonio.Rizzo@spglobal.com
More informationSpain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive
Research Update: Spain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive Primary Credit Analyst: Lucia Gonzalez, Madrid (34) 91 788 7219; lucia.gonzalez@spglobal.com
More informationEmgesa S.A. E.S.P. Outlook Revised To Stable From Negative On Expected Parent Support; 'BBB' Rating Affirmed
Research Update: Emgesa S.A. E.S.P. Outlook Revised To Stable From Negative On Expected Parent Support; Primary Credit Analyst: Stephanie Alles, Mexico City (52) 55-5081-4416; stephanie.alles@spglobal.com
More informationIcelandic Bank Islandsbanki Affirmed At 'BBB-/A-3' After Change To Agreement With Glitnir; Outlook Still Stable
Research Update: Icelandic Bank Islandsbanki Affirmed At 'BBB-/A-3' After Change To Agreement With Glitnir; Outlook Still Stable Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@standardandpoors.com
More informationR.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable
Research Update: R.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable Primary Credit Analyst: Saurabh B Khasnis, Centennial (1) 303-721-4554; saurabh.khasnis@spglobal.com Secondary Contacts: Hardeep
More informationMarine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed
Research Update: Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Primary Credit Analyst: Robert J Greensted, London (44) 20-7176-7095; robert.greensted@spglobal.com
More informationFinnish Telecom Operator DNA PLC Assigned 'BBB' Rating; Outlook Stable
Research Update: Finnish Telecom Operator DNA PLC Assigned 'BBB' Rating; Outlook Stable Primary Credit Analyst: Sandra Wessman, Stockholm (46) 8-440-5910; sandra.wessman@spglobal.com Secondary Contact:
More informationTurkey-Based Investment Company Dogus Holding Downgraded To 'B+'; Ratings Placed On CreditWatch Negative
Research Update: Turkey-Based Investment Company Dogus Holding Downgraded To 'B+'; Ratings Placed On CreditWatch Negative Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@spglobal.com
More informationLuxembourg-Based Investment HoldCo JAB 'BBB+' Rating On Watch Positive On Expected Improved Portfolio Characteristics
Research Update: Luxembourg-Based Investment HoldCo JAB 'BBB+' Rating On Watch Positive On Expected Improved Portfolio Characteristics Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207;
More informationHealth Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded
Research Update: Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274;
More informationEuler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable
Research Update: Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@standardandpoors.com
More informationSpain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable
Research Update: Spain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary Contact:
More informationVier Gas Transport GmbH (Open Grid Europe Group)
Summary: Vier Gas Transport GmbH (Open Grid Europe Group) Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@standardandpoors.com Secondary Contact: Vittoria
More informationThe Go-Ahead Group PLC
Summary: The Go-Ahead Group PLC Primary Credit Analyst: Rachel J Gerrish, CA, London (44) 20-7176-6680; rachel.gerrish@spglobal.com Secondary Contact: Varvara Nikanorava, London (44) 20-7176-3988; varvara.nikanorava@spglobal.com
More informationDLR Kredit A/S Affirmed At 'A-/A-2'; Outlook Stable
Research Update: DLR Kredit A/S Affirmed At 'A-/A-2'; Outlook Stable Primary Credit Analyst: Pierre-Brice Hellsing, Stockholm +46 (0)8 440 59 06; Pierre-Brice.Hellsing@spglobal.com Secondary Contact: Sean
More informationRussia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable
Research Update: Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
More informationPEMEX Stand-Alone Credit Profile Revised To 'bb' From 'bb+' On Revised Oil Price Assumptions; Ratings Affirmed
Research Update: PEMEX Stand-Alone Credit Profile Revised To 'bb' From 'bb+' On Revised Oil Price Assumptions; Ratings Affirmed Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437; marcela.duenas@standardandpoors.com
More informationBanca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed
Research Update: Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed Primary Credit Analyst: Letizia Conversano, Milan (39) 02-72111-283; letizia.conversano@spglobal.com
More informationConsumer Health Group Reckitt Benckiser Downgraded To 'A-/A-2' On Agreement To Acquire Mead Johnson; Outlook Stable
Research Update: Consumer Health Group Reckitt Benckiser Downgraded To 'A-/A-2' On Agreement To Acquire Mead Johnson; Outlook Stable Primary Credit Analyst: Maxime Puget, London (44) 20-7176-7239; maxime.puget@spglobal.com
More informationPLDT Inc. 'BBB+' Rating Affirmed Despite Higher Country Risk; Outlook Stable
Research Update: PLDT Inc. 'BBB+' Rating Affirmed Despite Higher Country Risk; Outlook Stable Primary Credit Analyst: Wei Kiat Ng, CFA, Singapore (65) 6239-6345; wei_kiat.ng@spglobal.com Secondary Contact:
More informationTemasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable
Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com
More informationJyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank
Research Update: Jyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank Primary Credit Analyst: Pierre-Brice Hellsing, Stockholm + 46(0)84405906; Pierre-Brice.Hellsing@spglobal.com Secondary
More informationPolish Insurance Group PZU 'A' Ratings Affirmed On Criteria For Rating Above The Sovereign; Outlook Stable
Research Update: Polish Insurance Group PZU 'A' Ratings Affirmed On Criteria For Rating Above The Sovereign; Outlook Stable Primary Credit Analyst: Anvar Gabidullin, CFA, London (44) 20-7176-7047; anvar.gabidullin@standardandpoors.com
More informationBanco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable
Research Update: Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable Table Of Contents Overview Rating Action Rationale Outlook Ratings Score
More informationGermany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable
Research Update: Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198;
More informationRoyal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive
Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com Secondary Contact: Alexandre
More informationSwiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable
Research Update: Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com
More informationBelgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable
Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@spglobal.com Secondary Contact: Nicolas
More informationInteractive Brokers LLC
Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com
More informationDutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Change
Research Update: Dutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Primary Credit Analyst: Rayane Abbas, CFA, Paris +33 1 44 20 73 02; rayane.abbas@standardandpoors.com
More informationIrish Life Assurance Rating Raised To 'A-' Based On Criteria For Rating Above The Sovereign; Outlook Stable
Research Update: Irish Life Assurance Rating Raised To 'A-' Based On Criteria For Rating Above The Sovereign; Primary Credit Analyst: Sanjay Joshi, London (44) 20-7176-7087; sanjay.joshi@standardandpoors.com
More informationAfrican Trade Insurance Agency Ratings Affirmed At 'A'; Outlook Remains Negative
Research Update: African Trade Insurance Agency Ratings Affirmed At 'A'; Outlook Remains Negative Primary Credit Analyst: Nourredine Lafhel, Dubai (971) 4-372-7168; nourredine.lafhel@spglobal.com Secondary
More informationCIMIC GROUP OUTLOOK UPGRADED TO STABLE BY STANDARD & POOR S
23 May 2018 ASX Market Announcements Australian Securities Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000 CIMIC GROUP OUTLOOK UPGRADED TO STABLE BY STANDARD & POOR S Standard & Poor s has upgraded
More informationSteel Group ArcelorMittal Upgraded To 'BBB-' On Decreasing Debt And Solid Performance; Outlook Stable
Research Update: Steel Group ArcelorMittal Upgraded To 'BBB-' On Decreasing Debt And Solid Performance; Primary Credit Analysts: Simon Redmond, London (44) 20-7176-3683; simon.redmond@spglobal.com Elad
More informationInternational Business Machines Corp.
Summary: International Business Machines Corp. Primary Credit Analyst: John D Moore, CFA, New York (1) 212-438-2140; john.moore@spglobal.com Secondary Contact: David T Tsui, CFA, CPA, New York (1) 212-438-2138;
More informationQualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable
Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Primary Credit Analyst: Jesus Palacios, Mexico City (52) 55-5081-2872; jesus.palacios@spglobal.com
More informationHighmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed
Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:
More informationNotting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative
Research Update: Notting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative Primary Credit Analyst: Jean-Baptiste Legrand, London (44) 20-7176-3609; jb.legrand@spglobal.com Secondary Contact,
More informationDutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Outlooks Stable
Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@standardandpoors.com Secondary
More informationCorporacion Nacional del Cobre de Chile Downgraded To 'A+' From 'AA-'; Outlook Stable
Research Update: Corporacion Nacional del Cobre de Chile Downgraded To 'A+' From 'AA-'; Outlook Stable Primary Credit Analyst: Diego H Ocampo, Sao Paulo (55) 11-3039-9769; diego.ocampo@standardandpoors.com
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Research Update: Fortum Oyj 'BBB+/A-2' Ratings Placed On CreditWatch Negative On Possible Adverse Impacts Of Planned Uniper Acquisition Primary Credit Analyst: Lovisa E Forsloef, Stockholm (46) 8-440-5908;
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Research Update: German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable Primary Credit Analyst, Sovereigns And International Public Finance: Michael Stroschein, Frankfurt +49
More informationElenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ;
Summary: Elenia Finance Oyj Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Mikaela Hillman, Stockholm (46) 8-440-5917; mikaela.hillman@standardandpoors.com
More informationDominion Resources Inc. And Subsidiaries Downgraded To 'BBB+' On Acquisition Of Questar Corp.; Outlook Stable
Research Update: Dominion Resources Inc. And Subsidiaries Downgraded To 'BBB+' On Acquisition Of Questar Corp.; Outlook Stable Primary Credit Analyst: Gabe Grosberg, New York (1) 212-438-6043; gabe.grosberg@standardandpoors.com
More informationFrance-Based Insurer CNP Assurances 'A' Ratings Affirmed; Outlook Stable
Research Update: France-Based Insurer CNP Assurances 'A' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Charlotte Chausserie-Lapree, Paris (33) 1-4420-7205; charlotte.chausserie@spglobal.com
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Research Update: Germany-Based DVB Bank Ratings Lowered To 'BBB/A-2' On Weakened Strategic Importance To Owner; Outlook Negative Primary Credit Analyst: Cihan Duran, Frankfurt (49) 69-33-999-242; cihan.duran@spglobal.com
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Research Update: AXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary
More informationSpanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable
Research Update: Spanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable Primary Credit Analyst: Emanuele Tamburrano, London (44) 20-7176-3825; emanuele.tamburrano@spglobal.com Secondary
More informationU.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable
Research Update: U.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable Primary Credit Analyst: Rachel C Goult, Paris 0033 (0) 966 965933; rachel.goult@standardandpoors.com Secondary
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Research Update: Finland-Based Metsa Board 'BB+/B' Ratings Affirmed Despite Operational Issues; Outlook Primary Credit Analyst: Terence O Smiyan, London (44) 20-7176-6304; terence.smiyan@spglobal.com Secondary
More informationU.K.-Based The Guinness Partnership Outlook Revised To Negative; Rating Affirmed At 'A+'
Research Update: U.K.-Based The Guinness Partnership Outlook Revised To Negative; Rating Affirmed At 'A+' Primary Credit Analyst: Ratul Sood, CFA, London +44 (0) 20 7176 6536; ratul.sood@spglobal.com Secondary
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