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Prospect News home > News index > List of issuers S > Headlines for Stonegate Pub Co. Ltd. > News item
Published on 7/22/2021 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Fitch puts Stonegate notes on watch

Fitch Ratings said it placed Stonegate Pub Co. Financing 2019 plc’s senior secured instruments' B+/RR2 senior secured ratings on rating watch negative.

Stonegate planned tap on its 8¼% senior secured notes would reduce the recovery estimate to RR3. Fitch said it expects the senior secured equally ranking debt will be downgraded to B/RR3 on completion.

The agency affirmed Stonegate Pub Co. Ltd.'s B- issuer rating and the CCC/RR6 rating on the subordinated debt, which is unaffected by the tap, issued by Stonegate Pub Co. Bidco Ltd.

The outlook is negative.


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