On July 28, 2016, a consortium led by BC Partners reached an agreement to acquire a majority stake in Keter Group B.V. (Keter) and its subsidiaries from its founders, the Sagol family. The transaction will be funded from a combination of equity and debt instruments including a new €690 million term loan B and €150 million of payment-in-kind (PIK) toggle notes. Keter is assessed as having a fair business risk and highly leveraged financial risk profile, given its financial-sponsor ownership. We are therefore assigning it a corporate credit rating of 'B'. The outlook is stable. On Sept. 13, 2016, S&P Global Ratings assigned a 'B' long-term corporate credit rating to Keter Group B.V. The outlook is stable. At the same
