S&P rates AI Robin, facilities B

S&P said it assigned a preliminary B long-term corporate credit rating to AI Robin Topco Ltd., the holding company that will own both IPH SAS and existing Advent International portfolio company Brammer plc after a merger.

The outlook is stable.

The agency also assigned preliminary B long-term corporate credit ratings to the two subsidiaries, AI Robin Finco Ltd. and AI Robin Ltd.

At the same time, S&P assigned preliminary B issue-level and 3 recovery ratings to financing entity AI Robin Finco's proposed secured €765 million first-lien term loan maturing in 2024, and the proposed €135 million revolving credit facility. The 3 recovery rating reflects an expectation of meaningful recovery (50%-70%; rounded estimate: 50%) prospects in the event of a payment default.

Following the IPH and Brammer merger, the combined entity will generate about €2.2 billion of revenues on a pro forma basis in 2017. S&P said it believes the strategic rationale for the acquisition is reasonable, given the benefits that the agency sees for the company's business profile from the increased scale and geographic reach, where swift availability and reliability is critical.

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