S&P rates Sapphire B, facilities B, CCC+

S&P said it assigned preliminary B long-term corporate credit ratings to Sapphire Midco BV and Sapphire Bidco BV.

The outlook is stable.

At the same time, the agency assigned a preliminary B issue-level rating to Sapphire Bidco's proposed €950 million senior secured first-lien bank term loans and €150 million revolving credit facility. The 4 recovery rating reflects an expectation of average recovery prospects (30%-50%, rounded estimate 35%).

S&P also assigned a preliminary CCC+ issue-level rating to the proposed €200 million senior secured second-lien term loan. The 6 recovery rating indicates an expectation of negligible recovery (0%-5%).

The agency said the preliminary rating on Sapphire reflects a view of its business risk profile as fair and its financial risk profile as highly leveraged, supported by the group's global presence, well-diversified client base, moderate barriers to entry and flexible cost structure that underpins profitability.

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