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S&P cuts Swissport notes; rates new debt
S&P said it affirmed its B long-term corporate credit rating on Swissport Group Sarl and the group's related entities, and removed all ratings from CreditWatch negative.
The outlook is stable.
The agency assigned a new B long-term corporate credit rating, with a stable outlook, to Swissport Financing Sarl, the entity issuing the new debt.
S&P assigned a B issue rating to the refinanced 460 million term loan B and 364 million new senior secured notes issued by Swissport Financing. The recovery rating on the debt is 3, reflecting expectations of recovery in the 50%-70% range (rounded estimate: 55%) in the event of default.
The agency also assigned a CCC+ issue rating to the new 265 million senior notes with a recovery rating of 6, indicating an expectation of negligible recovery (0%-10%) in the event of a default.
S&P lowered to CCC+ from B the rating on the remaining senior secured notes that have not consented to the exchange and affirmed the CCC+ rating on the remaining senior unsecured notes issued by Swissport Investments SA.
The agency revised the recovery rating on the remaining senior secured notes to 6 from 3, reflecting reduced recovery expectations as they have no recourse to the restricted group assets in an event of default.
The recovery rating on the remaining senior unsecured notes remains unchanged at 6.
S&P affirmed its B issue rating on the CHF 110 million senior secured revolving credit facility issued by Swissport International Ltd. The recovery rating is 3, reflecting recovery expectations in the 50%-70% range (rounded estimate: 55%) in the event of a payment default.
The affirmation and stable outlook reflect the completion of Swissport's refinancing and exchange transaction, in line with our expectations, S&P said in a news release.
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