Standard Profil - comment
This is very much a non-news story, with S&P catching up with the rest of the market and placing Standard Profil’s bonds on negative watch. The report cites the upcoming maturity of the RCF, which will squeeze liquidity further, and the current bond price, which indicates the difficulty of refinancing the April 2026 bonds. S&P indicate they could lower the ratings by two notches if there is no improvement in liquidity by year-end.
Bondholders appointed Houlihan Lokey as financial adviser, who will work with Milbank as the bondholders’ legal adviser. The Company has appointed Herter to assist in their refinancing efforts.