S&P: Travelex still on watch

Standard & Poor's said its BB- long-term corporate credit and senior unsecured debt ratings on Travelex plc remain on CreditWatch negative following the announcement that a 55% stake in the company is to sold to private equity firm Apax Partners.

S&P acknowledges that the holders of Travelex's senior unsecured bonds will retain the option to exercise the change-of-control provision and put the bonds back to Travelex.

The ratings were originally placed on CreditWatch on Jan. 19 following reports that the company had short-listed four private equity firms as potential acquirers of the business.

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