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Moody's assigns B1 to SIG
Moody's Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to SIG plc. Concurrently, the agency gave an instrument rating of B1 to the new €300 million of backed senior secured notes due 2026.
“The company's key credit ratios are relatively weak for the B1 rating category given the previous period of underperformance. However, Moody's expects SIG's Moody's-adjusted gross leverage, measured as adjusted debt to EBITDA, to reduce to around 5.5x this year and trend below 5x by the end of 2022, which the rating agency considers a more appropriate level for the current rating, as the company improves profitability levels,” the agency said in a press release.
The new backed senior secured notes will be used to fully refinance the company's debt, cover the transaction fees and provide around £28 million cash overfunding.
The outlook is stable.
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