S&P rates World Triathlon facility B

S&P said it affirmed its B corporate credit rating on World Endurance Holdings Inc.

The outlook is stable.

The agency also assigned its B issue-level rating to World Triathlon Corp.'s proposed senior secured credit facility, which consists of the $21 million revolving credit facility due 2023 and the $250 million term loan due 2025.

The recovery rating is 3, indicating an expectation for meaningful recovery (50% to 70%; rounded estimate: 65%) for lenders in the event of a payment default.

S&P said that when the refinancing transaction is complete, it plans to withdraw the issue-level rating on the current senior secured credit facility because it will be completely repaid.

“We affirmed the B corporate credit rating because the proposed refinancing transaction is leverage neutral and we expect adjusted debt to EBITDA to be in the mid- to high-5x area through 2019, which is comfortably below our downgrade threshold of 6.5x on the company,” the agency said in a news release.

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