Scope has today affirmed and withdrawn the BB- CICR and the BB- instrument rating of Germany-based MITEC following the early repayment of its EUR 25m senior unsecured corporate bond.

Jebsen’s 50% stake in MITEC, through a share purchase and a participation in a capital increase, has no immediate impact on its Corporate Issuer Credit Rating (CICR) and bond rating.

Following the rating affirmations Scope has updated its rating report on MITEC.

The rating affirmation is based particularly on MITEC Automotive AG’s (‘MITEC’) positive operating performance in line with expectations, improved EBITDAR margin and leverage, as well as its continued strong market position.

Scope Ratings ratet MITEC Automotive AG BB-. Die Unternehmensanleihe (7,75% 03/2017) wird von Scope Ratings ebenfalls mit BB- bewertet. Der Ausblick für beide Ratings ist stabil.

Scope Ratings has assigned a BB- Corporate Issuer Credit Rating (CICR) to MITEC Automotive AG (“MITEC”). Concurrently, Scope has assigned MITEC’s Corporate Bond (7.75% 03/2017) a BB- rating. Both rating outlooks are Stable.