S&P gives Together Financial notes B+

S&P said it affirmed its BB- long-term issuer credit rating on Together Financial Services Ltd.

The outlook is stable.

At the same time, the agency affirmed the B+ long-term issuer credit rating on Bracken MidCo1 plc.

S&P also assigned a B+ issue rating to the proposed £350 million senior PIK toggle notes issued by Bracken Midco1.

The agency affirmed the existing BB- issue ratings on senior secured notes issued by Jerrold Finco plc and guaranteed by Together Financial.

“We understand that the group will use proceeds from the new notes to repay two tranches of existing PIK toggle notes, issued by MidCo and one other intermediate holding company,” S&P said in a news release.

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