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S&P rates Iceland Foods notes B+ & loan BB
Standard & Poor's said it assigned its B+ long-term corporate credit rating to Iceland Topco Ltd. (Iceland Foods), the parent company of Iceland Foods Group Ltd.
The outlook is positive.
At the same time, the agency assigned its B+ issue rating to the group's proposed £955 million senior secured credit notes. The recovery rating on the notes is 3.
In addition, S&P assigned a BB issue rating to the group's proposed £30 million super senior revolving credit facility. The recovery rating is 1.
S&P said the ratings reflect its view of Iceland Foods' business risk profile as "fair" and financial risk profile as "highly leveraged," as criteria define the terms.
The agency combines these factors to derive an anchor of b.
The rating incorporates a one-notch upward adjustment to the anchor for our "comparable rating analysis," whereby it reviews an issuer's credit characteristics in aggregate. This primarily reflects S&P’s view that Iceland Foods' financial risk profile is at the higher end of the "highly leveraged" category.
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