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S&P: Mercury Bondco notes B
S&P said it assigned a B long-term issue rating to the payment-in-kind (PIK) toggle notes to be issued by Mercury BondCo plc.
The notes will be used to finance part of the acquisition of ISP Processing, Intesa Sanpaolo's payment processing platform, S&P said.
The agency said it equalizes the rating on the PIK notes with the counterparty credit rating on the issuer, Mercury BondCo.
S&P said PIK features do not require an instrument to be rated at less than the rating on the issuer.
Mercury BondCo is the issuing vehicle for a wider group, in which Istituto Centrale delle Banche Popolari Italiane constitutes the main operating entity and the biggest part, according to the agency. The group now includes ISP Processing, S&P added.
The rating on Mercury BondCo considers its subordination to Istituto Centrale delle Banche Popolari Italiane and Mercury BondCo's debt-servicing ability, the agency said.
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