S&P rates French ParentCo, loan B

S&P said it assigned B ratings to French ParentCo, its wholly owned subsidiary Marnix SAS and the €1.155 billion senior secured term loan B via Marnix to fund the acquisition of a majority stake in Webhelp and refinance its debt structure.

The B rating reflects Webhelp’s high debt leverage, relatively high customer concentration, and operations in the fragmented, competitive and low-margin outsourced customer relationship management market, which has low barriers to entry, the agency said.

S&P withdrew its B ratings on WowMidco and WowBidco, the group’s previous parent and borrower, since following transaction completion the existing debt facilities have been repaid.

The outlook is stable.

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