Pfleiderer has announced it intends to refinance its outstanding notes with a €350 million senior secured loan maturing in 2024. While we think that this is positive for the company's cash flow generation, we would need to see a longer track record of resilient earnings and a further improved cost base before considering an upgrade. We are therefore affirming our 'B+' long-term ratings on Pfleiderer. We are also assigning a 'B+' rating to the proposed loan, in line with the corporate credit rating. The outlook remains positive, indicating that we could raise the rating if Pfleiderer continues to display resilient and improving earnings and if we think that there is limited risk of credit metrics deteriorating. On March 24, 2017,
