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S&P cuts Missouri TopCo
Standard & Poor's said it lowered its long-term corporate credit rating on Missouri TopCo Ltd. to B- from B.
The outlook is stable.
At the same time, S&P lowered its issue rating on Matalan's £250 million senior secured notes to B+ from BB-. The recovery rating remains unchanged at 1
In addition, the agency lowered its issue rating on Matalan's £225 million senior unsecured notes to CCC from CCC+. The recovery rating remains unchanged at 6.
S&P said the downgrades reflect its view that Matalan is unlikely to able to meaningfully improve EBITDA for the financial year to Feb. 28, 2014 (financial 2014), and this will cause its credit metrics to remain below the guidelines for a B rating.
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