S&P applies B to Give & Go, facility

S&P said it assigned its B long-term corporate credit rating to Give and Go Prepared Foods Corp.

The outlook is stable.

At the same time, the agency assigned its B issue-level rating and 3 recovery rating to temporary borrower GG Foods Acquisition Corp.'s proposed senior secured facility consisting of a $55 million revolver and $375 million first-lien term loan. The 3 recovery reflects an expectation of meaningful (50%-70%, upper end of the range) recovery in the event of default.

"The ratings on Give & Go reflect the company's niche position in the fragmented and competitive non-chocolate confectionary industry, high debt leverage, and ownership by a financial sponsor," S&P credit analyst Nayeem Islam said in a news release.

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