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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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