S&P trims Biscuit

S&P said it downgraded the issuer and first-lien debt ratings for Cookie Acquisition SAS (Biscuit International) to B- from B and its second-lien debt to CCC from CCC+.

Biscuit plans to acquire Dan Cake with cash and revolver borrowings. “Following weak operating performance in 2020, BI's credit metrics are trending well below our initial base-case scenario; forecast S&P Global Ratings-adjusted debt leverage for 2021 is now above 8x (versus below 7x we had assumed),” the agency said in a press release.

However, S&P said it does forecast a healthy increase in volume for Biscuit in the second half of the year with a 13%-14% rebound in its S&P Global Ratings-adjusted EBITDA margin.

The outlook is stable.

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