Research Update: Befesa S.A. Assigned 'BB-' Rating, Stable Outlook; Befesa Zinc, Bilbao Luxembourg Ratings Raised To 'BB-' And Withdrawn

Environmental recycling service company Befesa S.A. has completed the refinancing of its capital structure with €526 million of new debt, redeeming the €300 million senior secured notes and the €150 million payment-in-kind (PIK) toggle notes. The refinancing has left no debt at the level of Befesa core subsidiaries Befesa Zinc S.A.U. and Bilbao (Luxembourg) S.A. We are assigning a 'BB-' rating to Befesa S.A. At the same time, we are raising the ratings on Befesa Zinc and Bilbao (Luxembourg) to 'BB-' from 'B' and removing them from CreditWatch positive. We are subsequently withdrawing the ratings at the company's request. The stable outlook on Befesa S.A. reflects our comfort in the company's ability to improve its EBITDA while building some headroom

...+ Environmental recycling service company Befesa S.A. has completed the refinancing of its capital structure with 526 million of new debt, redeeming the 300 million senior secured notes and the 150 million payment-in-kind (PIK) toggle notes. + The refinancing has left no debt at the level of Befesa core subsidiaries Befesa Zinc S.A.U. and Bilbao (Luxembourg) S.A. + We are assigning a '##-' rating to Befesa S.A. At the same time, we are raising the ratings on Befesa Zinc and Bilbao (Luxembourg) to '##-' from 'B' and removing them from CreditWatch positive. We are subsequently withdrawing the ratings at the company's request. + The stable outlook on Befesa S.A. reflects our comfort in the company's ability to improve its EBITDA while building some headroom under the rating in the next 12 months....

Research Update