S&P assigns Hotelbeds CCR, facilities B

S&P said it assigned a B long-term corporate credit rating to HNVR Midco Ltd. (Hotelbeds).

The outlook is stable.

At the same time, the agency assigned a B issue rating and 4 recovery rating to the company's amended senior secured debt facilities, comprising a €1,007,600,000 term loan B and a €247.5 million revolving credit facility. The 4 recovery rating indicates an expectation of 45% recovery in the event of a payment default.

S&P said the rating reflects its assessments of Hotelbeds’ business risk profile as weak and financial risk profile as highly leveraged. Hotelbeds is a global independent business-to-business (B2B) accommodation distributor offering hotel rooms and ancillary products – such as transfers, excursions and tours, meetings and events, visa processing outsourcing, and cruise handling services – to the travel industry.

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