S&P assigns Georgica bond CCC+

Standard & Poor's said it assigned its assigned its CCC+ senior secured debt rating to a proposed £60 million bond issue and B- long-term corporate credit rating to Georgica plc.

The outlook is stable.

The ratings on Georgica reflect the company's highly leveraged financial profile, its potential susceptibility to consumer confidence, competition from other leisure activities and high operational gearing, S&P said.

These factors are partly mitigated by the company's leading position in the U.K. cue sports club and bowling center markets, its steady cash flow generation and relatively low cyclicality due to low average spend per customer, the agency added.

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