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S&P rates GVC term loan BB
S&P said it assigned a BB rating with a recovery rating of 3 to GVC Holdings plc’s proposed €200 million term loan B3. GVC plans to use the proceeds to repay its £175 million term loan B2.
The recovery rating indicates S&P’s estimate of meaningful recovery prospects in the event of a default (50%-70%; rounded estimate 65%).
S&P also affirmed GVC’s BB rating and the BB rating on its debt, including the Ladbroke Coral Group bonds.
The outlook is positive.
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