S&P upgrades B&B Hotels

S&P said it raised its ratings for Casper Topco, parent of B&B Hotels, and its first-lien term loan to B- from CCC+ and to CCC from CCC- the issue rating on the second-lien term loan. Casper Bidco SAS issued the debt.

B&B Hotels beat expectations in the third quarter, thanks to strong summer trading and a positive contribution from new openings, the agency noted.

S&P said it forecasts B&B Hotels to report EBITDA, before operating lease adjustments and including opening and nonrecurring renovation expenses, widening to €185 million in 2022 and €215 million in 2023.

“This implies S&P Global Ratings-adjusted debt to EBITDA of about 7X in 2022 and about 6.5 in 2023, compared with 7.6x in 2019. Our previous forecast for 2022 was €145 million,” the agency said in a press release.

The outlook is stable.

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