S&P rates Goldstory, notes B

S&P said it assigned B ratings to Goldstory SAS, the new holding company for THOM Europe SAS, and its planned €600 million of new senior secured notes to finance its buyout by financial sponsor Altamir, the management team, and other co-investors. The notes’ recovery rating is 3. The agency also assigned a BB- and 1 recovery rating to Goldstory’s planned super senior revolver.

“Despite risks from a possible third lockdown in France in the coming months, we believe THOM Group's credit metrics and liquidity will remain commensurate with the current B rating, supported by a strong year-end performance, a critical trading period for the group,” S&P said in a press release.

“We are, therefore, revising our outlook on THOM Group to stable from negative and affirming our B long-term ratings,” the agency said. Goldstory’s outlook also is stable.

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