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S&P affirms Ladbrokes, rates notes BB
S&P said it affirmed its BB long-term corporate credit rating on Ladbrokes plc. The outlook is stable.
S&P also affirmed the BB issue rating on the company's existing £225 million senior unsecured notes due 2017 and £100 million unsecured retail bond due 2022. The recovery rating is unchanged at 3.
In addition, S&P assigned a BB issue rating and 3 recovery rating to the proposed new unsecured notes due 2023 – expected to be of benchmark size – that will be used to partially refinance the existing £600 million acquisition bridge term loan due 2018.
The affirmation follows the announcement that Ladbrokes will combine with some of U.K. betting and gaming competitor Gala Coral Group Ltd.'s businesses, the agency said.
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