| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Brake Bros. plc > News item |
S&P cuts Brake Bros
Standard & Poor's said it lowered its long-term corporate credit rating on Brake Bros Finance plc to B from B+.
At the same time, the subordinated debt rating was lowered to CCC+ from B-, the agency said.
The outlook is stable.
The agency noted that the downgrade follows Brake Bros' announcement that its holding company, Brake Bros Holding III Ltd., plans to refinance its shareholder loans with the proceeds of a £275 million payment-in-kind note issue due 2012.
S&P added that the rating action reflects increased leverage resulting from the refinancing of the shareholder loans, which were treated as equity, with the PIK note, which it views as debt.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.