S&P ups view on Safari to stable, rates notes B

S&P said it revised its outlook on Safari Holding GmbH (operating under the brand name Lowen Play) to stable from negative and affirmed the B long-term corporate credit rating.

At the same time, S&P assigned a B long-term issuer credit rating to Safari Beteiligungs GmbH, which will be the new holding company, following the proposed transaction. The agency assigned a B issue rating to the proposed €350 million senior secured notes to be issued by Safari Verwaltungs GmbH. The recovery rating on the new proposed notes is 4 with a 45% prospect of recovery in the event of a default.

“The outlook revision to stable reflects our view – based on information supplied by the company – that Germany's interstate treaty on gaming arcades has not affected Safari Holding's existing operation as much as we previously expected,” S&P said in a news release.

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