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S&P rates Motor Fuel loans B, CCC+
S&P said it assigned its B long-term issuer credit rating to CD&R Firefly 4 Ltd., the parent of Motor Fuel Group. The outlook is negative.
At the same time, the agency assigned a B long-term issue rating to the company's proposed £1.196 billion senior secured term loan B, which is set to be issued in two tranches, one denominated in sterling and the other in euros.
S&P also assigned B long-term issue ratings to the company's proposed £230 million revolving credit facility and £50 million letter of credit facility.
The recovery rating is 3, reflecting an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery prospects in the event of default.
The agency also assigned a CCC+ issue rating to the proposed £285 million second-lien loan, with a recovery rating of 6, reflecting negligible (0-10%; rounded estimate: 0) recovery.
S&P said the ratings reflect an opinion of the group's modest scale, albeit with a leading position among independent petrol station operators in the United Kingdom, with 929 sites.
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