S&P rates Pinafore BB-

Standard & Poor's said it assigned a BB- corporate credit rating to Pinafore Holdings BV and withdrew its BB- corporate credit rating on Tomkins Finance Ltd.

The agency also said it finalized the BB rating and 2 recovery rating on Pinafore Holdings' $2.3 billion senior secured credit facility and finalized the B+ rating and 5 recovery rating on its $1.15 billion second-lien secured notes.

The debt ratings on Tomkins Ltd.'s unsecured notes due 2011 and Tomkins Finance's 2015 notes remain at B with a recovery rating of 6. This debt was issued before the leveraged buyout.

The outlook is negative.

The entity became Pinafore Holdings under the corporate structure implemented on the completion of the leveraged buyout of Tomkins plc by unrated Onex Corp. and Canada Pension Plan Investment Board.

The ratings reflect the company's aggressive financial risk profile, S&P said.

The ratings also consider the company's business risk profile as satisfactory, reflecting an expectation that the company's strategic policy and collection of operating assets will remain largely unchanged, the agency said.

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