S&P rates EG Group loans B, CCC+

S&P said it revised to negative from stable its outlook on EG Group Ltd., parent company of petrol filling station operator Euro Garages, and affirmed the B long-term issuer credit rating on EG Group.

At the same time, S&P said it assigned its B issue rating and 3 recovery rating to the proposed senior secured facilities comprising two incremental senior secured term loans and a revolving credit facility. The ratings reflect an expectation of meaningful (50%-70%; rounded estimate 55%) recovery in the event of default.

S&P also assigned a CCC+ issue rating and 6 recovery rating to the proposed second lien-term loans. This is two notches below the issuer credit rating, reflecting an expectation of minimal recovery in the event of default.

S&P also affirmed its B issue rating and 3 recovery rating on EG Group's existing senior secured facilities, reflecting an expectation of meaningful (50%-70%; rounded estimate 55%) recovery in the event of default.

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