S&P rates Apple Leisure facilities B

S&P said it affirmed its B corporate credit rating on Casablanca Global Intermediate Holdings LP (Apple Leisure Group) and removed the rating from CreditWatch negative, where it was placed on April 3.

The outlook is negative.

The agency also assigned its B issue-level and 3 recovery rating to the company’s proposed senior secured credit facilities, including a $175 million first-lien revolving credit facility and $950 million first-lien term loan.

S&P said it expects to withdraw the ratings on the existing first- and second-lien debt once they are repaid following the close of the transaction.

The agency said the affirmation reflects sufficient leverage capacity to accommodate the incremental debt proposed to fund the recent acquisition of Mark Travel Corp., partially because the company is using equity to fund almost half the purchase price.

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