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S&P rates Safari CCC+
S&P said it assigned a CCC+ rating to Safari Beteiligungs GmbH and affirmed the CCC+ rating on the €258.3 million of senior secured notes it issued. The outlook is negative.
Sept. 6, it was announced that the downstream merger of Dice AcquiCo GmbH into Safari Beteiligungs became effective on Aug. 28.
“At the same time, we withdrew the CCC+ issuer credit rating on Dice AcquiCo GmbH. The outlook on at the time of withdrawal was negative. We also withdrew the CCC- issue rating on the subordinated payment in kind (PIK) notes issued by Dice MidCo at the issuer's request,” S&P said in a press release.
“The negative outlook indicates we could downgrade Safari Beteiligungs GmbH (Lowen Play) if it underperforms our base case, and we think it faces an increased risk of default. This could occur as a result of operational underperformance, declining liquidity, a distressed debt purchase, or further debt restructuring,” the agency said.
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