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S&P: Winebow loans B, CCC+
Standard & Poor’s said it assigned a B corporate credit rating to the Winebow Group LLC.
The agency also said it assigned a B rating to the $230 million first-lien loan due 2021. The recovery rating is 3, indicating 50% to 70% expected default recovery.
S&P also said it assigned a CCC+ rating to the $130 million second-lien loan due 2021. The recovery rating is 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
The ratings reflect the company’s very aggressive financial policy, given the large debt-financed dividend and the significant debt burden of the merger between Winebow and the Vintner Group, S&P said.
Pro forma for the transaction, the agency said it expects leverage to be very high at about 8x and credit protection measures are expected to remain weak for at least the next two years.
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