S&P rates Agile Group notes BB

S&P said it assigned a BB long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Agile Group Holdings Ltd.

The proceeds will be used to refinance existing debt.

The agency also said it equalizes the rating to the issuer credit rating on Agile because the proposed notes are not significantly subordinated to other debt in the company's capital structure.

The stable outlook reflects an expectation that Agile will maintain steady sales growth and good margins in 2018, S&P said, with contracted sales increasing by about 15% in the first half of the year.

The agency also said it believes the company will only moderately increase its leverage over the period because its margins and fast revenue growth will offset the impact of rising expenditure.

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