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S&P puts DFS Furniture on positive watch
Standard & Poor’s said it placed the B long-term corporate credit rating on DFS Furniture Holdings plc on CreditWatch with positive implications.
The agency also said it placed on positive watch the B issue rating on the company’s existing £310 million senior secured notes.
The recovery rating remains at 3, indicating 50% to 70% expected default recovery.
The CreditWatch placement follows news that DFS Furniture’s new holding company is planning an initial public offering on the London Stock Exchange.
S&P said it expects to withdraw the issue and recovery ratings on these notes after the IPO, when the notes will be refinanced with new facilities.
The company expects to use all of the net proceeds of the IPO to reduce debt and repay all amounts outstanding under its senior secured notes, the agency said.
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