S&P lowers Matalan parent to SD

S&P said it lowered the issuer credit rating on Matalan parent Missouri TopCo Ltd. to SD (selective default) from CCC-.

S&P also lowered the rating on the second-lien notes issued by Matalan Finance plc to D from CC, while affirming the CCC+ rating on the prior-ranking senior secured notes, and CCC- rating on lower ranking senior secured notes, since they are unaffected by the transaction.

“We will re-evaluate Matalan's business and financial prospects under the new capital structure over the next few days, including the risk of additional distressed debt exchanges and anticipate raising our issuer credit rating to CCC- or CCC,” S&P said in a news release.

The downgrade follows Matalan's completion of the scheme of arrangement launched on June 30.

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