S&P might lower Apple Leisure

S&P said it placed its B corporate credit rating on Casablanca Global Intermediate Holdings LP (Apple Leisure Group) on CreditWatch with negative implications.

The agency also placed the B issue-level rating on the company's senior secured first-lien credit facility (including the $125 million revolver due 2022 and $600 million term loan due 2024) and the CCC+ issue-level rating on the company's $225 million second-lien term loan due 2025 on CreditWatch with negative implications.

S&P said the CreditWatch listing reflects the announcement that Apple Leisure Group has entered into an agreement to purchase Mark Travel Corp. and that the terms of the transaction and the company's plan to finance the acquisition are unknown.

“As a result, there is a possibility that incremental debt to fund the acquisition could result in a deterioration in our leverage measure and a lower corporate credit rating on Apple Leisure Group,” the agency said in a news release.

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