S&P affirms Verisure, notes

Standard & Poor's said it affirmed its B long-term corporate credit rating on Verisure Holding AB, an intermediate holding company created for the purpose of acquiring Securitas Direct AB. The outlook is stable.

At the same time, the agency said it affirmed the B issue rating on the €600 million first-lien senior secured notes series A, issued by Verisure Holding. The recovery rating on these notes is 3, indicating an expectation of meaningful recovery in the event of a payment default.

In addition, S&P said it affirmed the CCC+ issue rating on the €271.5 million second-lien senior secured notes series B, borrowed by Verisure Holding. The recovery rating on these notes is 6, indicating an expectation of negligible recovery prospects in the event of a payment default.

The agency said the affirmations follow the completion of Verisure Holding's placement of senior secured notes and a review of the final documentation for these notes. The rating on Verisure Holding reflects S&P's view of the company's high leverage after its acquisition of 100% of Securitas Direct for about SEK 21 billion in September 2011, the agency said.

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