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S&P rates Alize Midco
Standard & Poor’s said it assigned a B+ long-term corporate credit rating to Alize Midco Ltd., also referred to as AAG.
The agency also said it assigned a B+ rating to the €325 million fixed- and floating-rate notes issued by subsidiary, Alize Finco plc. The recovery rating on these instruments is 4, indicating 30% to 50% expected default recovery.
S&P also said it assigned a BB rating to the super senior €50 million revolver to be held at Alize Bidco Ltd. The recovery rating on this facility is 1, indicating 90% to 100% expected default recovery.
The outlook is stable.
The ratings reflect the company’s aggressive financial profile and fair business profile, S&P said.
AAG’s sizable adjusted debt, private-equity ownership and acquisitive financial policy constrain its financial profile, the agency said.
On a positive note, its business model requires low capital expenditures, S&P said.
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