Germany-based building products manufacturer Xella has been acquired by Lone Star and completed the refinancing of its debt. We are assigning our 'B+' long-term corporate credit rating to LSF10 XL Investments S.a r.l. and LSF10 XL Bidco SCA, the issuer of Xella group's new first-lien debt. At the same time, we are affirming and subsequently withdrawing our 'B+' long-term corporate credit rating on Xella International S.A., the parent company of the Xella group. We are assigning our 'B+' issue rating and '3' recovery rating to Xella group's new €1.45 billion term loan B and €175 million revolving credit facility, issued by LSF10 XL Bidco. At the same time, we are affirming and subsequently withdrawing our issuer and recovery ratings on
