Research Update: Germany-Based Heidelberger Druckmaschinen AG Assigned 'B+' Long-Term Rating; Outlook Stable Mar 11

  • ID: 1753684
  • March 2011
  • Standard & Poors
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Germany-based printing equipment company Heidelberger Druckmaschinen AG has announced plans to refinance its existing debt facilities with a €300 million notes issue and a €500 million syndicated bank loan. We are assigning our 'B+' long-term corporate credit rating to the company and, at the same time, we are assigning our 'B-' issue rating and a '6' recovery rating to the proposed €300 million notes. The stable outlook reflects our expectation that the company can successfully address its major maturities in July 2012, as well as continuing to report cash flows and credit metrics that are commensurate with an "aggressive" financial risk profile. On March 29, 2011, Standard and Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to Germany-based...

Companies mentioned in this report are:
- Heidelberger Druckmaschinen AG

Action: New Rating
Action: Outlook: Stable

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- Heidelberger Druckmaschinen AG

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