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S&P puts Lion/Gem Luxembourg on positive watch
Standard & Poor’s said it revised its outlook on Lion/Gem Luxembourg 3 Sarl (Findus) to positive from stable and affirmed the B- long-term corporate credit rating on Findus.
In addition, S&P affirmed the B- issue rating on the existing £150 million and €305 million senior secured notes issued by Findus’ subsidiary, Findus Bondco SA. The recovery rating on these notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.
Finally, S&P affirmed the CCC issue rating on the payment-in-kind notes to be issued by Findus PIK SCA. The recovery rating on these instruments is 6, indicating an expectation of negligible (0%-10%) recovery in the event of a payment default.
S&P said the outlook revision reflects S&P’s assumption that Findus will be able to improve its credit metrics, specifically maintaining its funds from operations cash interest coverage at 2.0x on average over the next three years.
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