OREANDA-NEWS. S&P Global Ratings said today it assigned its 'B+' issue-level rating and '6' recovery rating to Axalta Coating Systems Dutch Holding B B. V.'s proposed $500 million and €350 million senior unsecured notes. The '6' recovery rating indicates our expectation of negligible (0-10% range) recovery in the event of payment default.

The company plans to use proceeds to refinance existing debt and for general corporate purposes. At the same time, the company plans to amend and extend its $400 million revolving credit facility. The issue level and recovery ratings on the revolving credit facility remain 'BB+' and '2', respectively. The '2' recovery rating indicates our expectation of substantial (70% to 90%, lower half of the range) recovery in the event of payment default.

The ratings on Axalta, including the 'BB' corporate credit rating, are unchanged. The outlook is stable. The rating reflects our assessment of the business risk profile as satisfactory and financial risk profile as aggressive, resulting in an anchor rating of 'bb'. No impact of any modifiers is observed.