| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Wheel Bidco Ltd. > News item |
S&P pares PizzaExpress
S&P said it lowered its ratings on PizzaExpress and its senior secured notes to B- from B and its super-senior revolving credit facility to B+ from BB-.
Pizza Express’ holding company Wheel Bidco Ltd. posted fiscal year 2022 profits that were slightly under S&P’s forecast, the agency said.
“We expect PizzaExpress' capital structure to remain highly leveraged, with adjusted debt to EBITDA at 6.5x in 2023. Slower EBITDA recovery under inflationary pressure drove up leverage more than we anticipated. As of the end of fiscal 2022, the group holds about £330 million of financial debt and £182 million of lease liabilities, leading to adjusted debt to EBITDA of 6.3x in 2022. We expect leverage to remain escalated at close to 6.5x in 2023 before falling to 5x-5.5x in 2024 as cost pressure begins to normalize and profitability improves,” S&P said in a press release.
The outlook is stable.
© 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.