S&P Global Ratings announced on 23 July 2018 that it has upgraded its long-term issuer credit rating for Perstorp Holding AB to B-. The outlook is stable. Concurrently, S&P announced that it is raising the issue rating on Perstorp’s Euro and USD Senior Secured Notes to B and that it is raising the issue rating on the Company’s Second Lien Secured notes to CCC and the issue rating on Prague CE Sarl’s Subordinated Notes to CCC.
According to S&P, the upgrade reflects Perstorp’s sustained EBITDA growth and deleveraging, having seen strong volume growth in its main business lines over the past several quarters.
“We are pleased to see our investment discipline and performance reflected in this upgrade decision. This should further increase our financial flexibility and the potential to lower our future cost of capital”, says Magnus Heimburg, Chief Financial Officer of Perstorp.
“We remain committed to high value growth and margin sustainability while continuing to improve our credit metrics”, Magnus Heimburg concludes.