S&P assigns B+ to Zenith notes

S&P said it assigned a B+ long-term issuer credit rating to Zeus Bidco Ltd. and a B+ issue rating to the proposed £475 million senior secured fixed-rate notes due in 2027, to be issued by Zenith Finco plc and guaranteed by Zeus. The notes have a recovery rating of 4 (rounded estimate: 35%).

The outlook is stable.

“Our rating on Zeus, which is wholly owned by Zenith Automotive Holdings Ltd. (Zenith), reflects our view of the Zenith group's consistent track record in the mobility services sector. Other supporting factors are Zenith's highly visible long-term income streams and its resilience to market turbulence due to events such as the COVID-19 pandemic,” S&P said in a news release.

“However, our rating is constrained by Zenith's smaller scale than that of its global peers, its aggressive growth plans, and its financial sponsor ownership.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.