S&P rates Bite Finance notes B, on CreditWatch

Standard & Poor's said it placed its B- long-term corporate credit rating on UAB Bite Lietuva on CreditWatch with positive implications, along with its B- long-term corporate credit rating on Bite's 100% owner Bite Finance International BV.

At the same time, S&P assigned a B issue rating to proposed €200 million senior secured floating-rate notes to be issued by Bite Finance International, one notch higher than the current corporate credit rating on Bite.

The agency also placed the B- rating on Bite Finance International's €172 million senior secured notes and the CCC+ rating on its outstanding subordinated notes on CreditWatch with positive implications.

The ratings on Bite continue to reflect the agency's assessment of its financial risk profile as "highly leveraged," its business risk profile as "weak" and its management and governance as "fair," according to a news release.

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