S&P shifts Domestic & General view to negative

S&P said it revised the outlook for Galaxy Finco Ltd. (Domestic & General) to negative from stable and affirmed the B ratings on the company and its notes sold through subsidiary Galaxy Bidco Ltd.

“The negative outlook reflects our expectation that D&G’s credit metrics will remain stressed for the current rating over the next 12 months and that we could take a negative rating action if we were to expect a weaker recovery in fiscal 2022 than under our current base case,” S&P said in a press release.

D&G plans to sell an added £100 million of its 6½% fixed-rate senior secured notes to enhance liquidity. D&G intends to use the proceeds to increase liquidity, repay the drawn amounts under the super senior revolving credit facility and add £20 million of cash to the balance sheet.

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