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S&P cuts New Look, pulls rating
S&P said it downgraded New Look Bonds Ltd. to CCC from CCC+ and lowered to CC from CCC- the rating on the group's senior secured notes and kept the 6 recovery rating unchanged.
The company’s trade finance facility matures June 30 and at present doesn’t have any committed sources to refinance it, the agency said.
“The group's £100 million revolving credit facility (RCF) is fully drawn and is due on June 25, 2021. We understand that the group's management is negotiating an extension of the trade finance facilities' maturity, which, if successful, would allow New Look to weather the liquidity pressure over the coming few weeks of continued store closure,” S&P said in a press release.
S&P said it withdrew its ratings at the company’s request.
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