Pfleiderer Group S.A. (Pfleiderer) has announced a refinancing of its high-yield bond, and we expect that lower interest costs in combination with lower restructuring costs will lead to improving credit metrics. We are therefore raising our long-term corporate credit rating on Pfleiderer to 'B+' from 'B'. The positive outlook reflects our view that the company will improve its credit metrics slightly over the coming years, but that its investment program and dividend policy will limit any further upside to the ratings. On Jan. 20, 2017, S&P Global Ratings raised its long-term corporate credit rating on Poland-based wood panels producer Pfleiderer Group S.A. (Pfleiderer) and its wholly-owned Germany-based subsidiary PCF GmbH to 'B+' from 'B'. The outlook is positive. At the
