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S&P trims ICBPI’s Mercury BondCo view to negative, rates notes B
S&P said it revised to negative from stable its outlook on Mercury BondCo plc, the issuing vehicle established by Istituto Centrale delle Banche Popolari Italiane SpA's (ICBPI) acquirers.
S&P also affirmed the B long-term rating on Mercury BondCo and the B rating on the existing payment-in-kind toggle notes.
Based on the preliminary offering memorandum, S&P said it assigned a B rating to the PIK notes Mercury BondCo intends to issue to finance the acquisitions.
S&P also affirmed its BB-/B long- and short-term counterparty credit ratings on ICBPI and its core subsidiary CartaSi SpA. The outlook is stable.
“The negative outlook reflects our view that Mercury BondCo's leverage profile will deteriorate as a result of the recently announced acquisitions and may not recover over the next few years,” S&P said in a news release.
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