Auxiliary components group, Arvos, has announced plans to refinance its €163 million second-lien term loan B and add €130 million to its outstanding first-lien term loan B. We assume that the group will maintain solid operating performance and adjusted debt to EBITDA of 5.3x-5.7x over fiscal years 2016 and 2017. We are affirming our 'B' long-term rating on Arvos, and our 'B' and 'CCC+' issue ratings on the group's existing debt instruments, and assigning our 'B' issue rating to the proposed tap on the first-lien term loan B. The stable outlook reflects our view that, after the transaction, Arvos will be able to generate credit metrics in line with the current rating. On April 13, 2017, S&P Global Ratings affirmed
