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S&P lowers Stonegate CCR, notes to B
Standard & Poor's said it lowered Stonegate Pub Co. Ltd.’s long-term corporate credit rating and senior secured notes to B from B+.
The outlook is stable.
The downgrade reflects the agency’s expectation that Stonegate's free operating cash flow (FOCF) generation will turn negative in the financial year ending Sept. 30, 2015. Even though it expects this to recover in FY2016, S&P anticipates that it will be more modest than previously expected.
Additionally, Stonegate issued an £80 million bridge loan this month to finance the acquisition of the Tattershall Castle Group pub portfolio, putting pressure on its fiscal year 2015 leverage metrics.
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