S&P rates Sunshine, facilities B+

S&P said it has assigned a preliminary B+ long-term corporate credit rating to Sunshine Mid BV.

The outlook is stable.

At the same time, the agency assigned a preliminary B+ issue rating to the proposed €1.97 billion senior term loan B facilities and €200 million revolving credit facility issued by Sunshine. The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

The BB- corporate credit rating on Refresco Group NV remains on CreditWatch with negative implications, where it was placed on Oct. 26.

At the same time, S&P affirmed the BB- issue rating on the multicurrency senior secured term loan facilities. The recovery rating is unchanged at 3 reflecting an expectation of average (30%-50%; rounded estimate: 50%) recovery.

The agency said the preliminary rating on Sunshine reflects debt protection metrics consistent with a highly leveraged financial risk profile and a view of Refresco's market strength and operating strategy.

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