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S&P rates hibu CCC+, loans CCC+, CCC-
Standard & Poor's said it assigned a CCC+ long-term corporate credit rating to Eagle Topco 2013 Ltd. (hibu).
The outlook is negative.
The agency also said it assigned a CCC+ rating to the £500 million multi-currency senior secured facilities issued at YH Ltd. and £80 million senior secured facilities issued at hibu Connect SAU.
The recovery rating on these facilities is 4, reflecting 30% to 50% expected default recovery.
S&P also said it assigned a rating of CCC- to the payment-in-kind instrument issued at YH. The recovery rating on this instrument is 6, reflecting 0% to 10% expected default recovery.
The ratings reflect hibu's vulnerable business risk profile and highly leveraged financial risk profile, the agency said.
While the debt restructuring has lightened hibu's debt load and significantly improved its liquidity profile, the group's capital structure remains unsustainable in the medium term, S&P said.
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