Giralda Holding Conexion, S.L.U. (Konecta) has announced an agreement to acquire Comdata S.p.A., an Italy-based customer relationship management (CRM) and business process outsourcing (BPO) player. We consequently placed our 'B+' ratings on Konecta and its senior secured €420 million Term Loan B on CreditWatch with developing implications. We expect to resolve the CreditWatch placement when we have sufficient additional information on the company's operations and capital structure post-transaction. We placed our ratings on Giralda on CreditWatch with developing implications to reflect that we could affirm, lower, raise, or discontinue our ratings following the close of the acquisition transaction. Although the exact details of the transaction are not yet disclosed, we expect that Giralda's outstanding debt will be repaid through new
