S&P assigns B+ to Synlab loan

S&P said it revised the outlook on Synlab Bondco plc and its subsidiary Synlab Unsecured Bondco plc to negative from stable and affirmed the B+ corporate credit rating.

At the same time, the agency assigned a B+ issue rating to Synlab's proposed €300 million senior secured term loan B and affirmed the B+ issue rating on Synlab's existing €1.84 billion senior secured notes due in 2022. The recovery rating on the loan and the notes is 4, indicating an expectation of average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.

S&P also affirmed the BB+ issue rating on Synlab's €250 million super senior secured revolving credit facility maturing in 2021. The recovery rating is 1+, indicating an expectation of substantial (100%) recovery in the event of a payment default.

The agency affirmed the B- issue rating on the €375 million senior unsecured notes issued by Synlab Unsecured. The recovery rating remains 6, reflecting an expectation of negligible (0%-10%) recovery for debtholders in the event of a payment default.

“The ratings on Synlab continue to reflect its leading positions in all its key markets.,” S&P said in a news release.

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