Research Update: Dutch Private-Label Soft Drink/Fruit Juice Producer Refresco Assigned 'BB-' CCR And Debt Rating; Outlook Stable May 11
Standard & Poors, May 2011
Abstract
The Netherlands-based Refresco Group B.V., Europe's largest private-label soft drink and fruit juice manufacturer, is proposing to issue -660 million senior secured notes to extend its current debt maturities and simplify its capital structure. We are assigning our 'BB-' long-term corporate credit rating to Refresco, as well as our 'BB-' issue rating and recovery rating of '4' to Refresco's -660 million proposed notes. The stable outlook reflects our view that Refresco will likely continue to perform resiliently, generate positive free cash flow, and maintain Standard & Poor's-adjusted debt leverage of close to 4.5x. On May 9, 2011, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to The Netherlands-based private-label soft drink and fruit juice manufacturer Refresco...
Companies mentioned in this report are: Refresco Group B.V.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Refresco Group B.V.
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