S&P rates AI Avocado loan B+

Standard & Poor's said it assigned a preliminary B corporate credit rating to AI Avocado Holding BV.

The agency also said it assigned a preliminary B+ rating to the €440 million senior secured term loan and revolving credit facility of up to €50 million to be borrowed by AI Avocado BV and its subsidiaries, including Unit4 NV.

The outlook is stable.

Private equity firm Advent International, through AI Avocado, has acquired Unit 4 in a public-to-private leveraged buyout, S&P said.

The ratings are underpinned by the company's resilient enterprise resource planning software revenue base, including during downturns, the agency said.

The company has a high customer retention rate, S&P said, but a narrow offering compared with the broader software and services sector.

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