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S&P rates LS Newco loan, revolver BB+
Standard & Poor’s said it assigned a BB+ rating to LS Newco Pty Ltd.
The agency also said it assigned BB+ ratings to the company’s proposed term loan B and revolving credit facility with recovery ratings of 4H.
The outlook is stable.
The ratings reflect the company’s leading position in the niche telecommunication services markets in Australia and New Zealand, good position within the outsourced infrastructure operations and maintenance market and moderately conservative financial policies, S&P said.
However, the company’s small scale and limited diversity, and ownership by a financial sponsor, constrain the rating, the agency said.
S&P said it considers LS Newco to be moderately strategic to its joint owner, Leighton Holdings Ltd.
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