S&P assigns Compass Midco loan B+ rating

Standard & Poor’s said it assigned its B long-term corporate credit rating to Compass Midco. The outlook is stable.

At the same time, S&P assigned a B+ issue rating to the group’s £550 million senior secured term loan and £40 million revolving credit facility. The recovery rating on the loan is 2, reflecting an expectation of significant (70%-90%) recovery prospects, at the higher end of the range, in the event of a payment default.

S&P said its ratings on Compass Midco reflect S&P’s assessments of the group’s “weak” business risk profile and “highly leveraged” financial risk profile.

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