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S&P rates ghd notes B-
Standard & Poor's said it assigned its B- long-term corporate credit rating to Lion/Gloria HoldCo Ltd., the holding company of GHD Group Holdings Ltd. The outlook is stable.
At the same time, S&P assigned a B- issue rating to the proposed £165 million senior secured notes due 2020 to be issued by ghd Bondco plc, a subsidiary of Lion/Gloria HoldCo. The recovery rating on the proposed notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.
The rating on Lion/Gloria HoldCo reflects S&P's assessment of the company's business risk profile as "weak" and financial risk profile as "highly leveraged." S&P assesses Lion/Gloria HoldCo's liquidity as "adequate," incorporating the proposed refinancing of its existing bank facilities and the repayment of part of its shareholder loan with the proceeds from the new £165 million senior secured notes.
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