S&P gives B to Sky Bet loans

Standard & Poor's said it assigned its B long-term corporate credit rating to Cyan Blue Holdco 2 Ltd., a holding company for Sky Betting & Gaming (Sky Bet).

The outlook is stable.

At the same time, the agency assigned its B issue rating to Sky Bet's £35 million revolving credit facility due 2021 and £340 million senior secured loan due 2022. The recovery rating on this loan is 3, indicating an expectation of average (50%-70%) recovery in the event of a payment default.

S&P said the ratings reflect its assessment of Sky Bet’s "weak" business risk and its "highly leveraged" financial risk profiles, underpinned by the agency’s financial sponsor-6 assessment of Sky Bet's financial policy.

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