Moody’s rates Soho House Group CFR Caa1

Moody's Investors Service said it assigned a Caa1 corporate family rating and Caa1-PD probability of default rating to Soho House Group Ltd. (Soho House) and withdrew the Caa1 corporate family rating and Caa1-PD probability of default rating on Soho House Bond Ltd.

Concurrently, the agency affirmed the Caa1 rating on the £145 million senior secured notes due 2018 assigned at Soho House Bond.

The outlook is stable.

Moody's said its decision to move the Caa1 corporate family rating and Caa1-PD probability of default rating to Soho House Group from Soho House Bond follows the Oct. 23 announcement of the issuance of £40 million of PIK toggle notes due in October 2019. The PIK notes (unrated) were issued by Soho House Group, which is the top holding company of the group that holds the shares of Soho House Bond, which issued the outstanding senior secured notes in 2013.

The new ratings are therefore assigned at the entity level where the whole debt of Soho House group is consolidated.

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