S&P rates Pendragon, notes B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Pendragon plc.

The outlook is stable.

At the same time, S&P assigned its B+ issue rating to the proposed £175 million senior secured notes to be issued by Pendragon. The notes have a recovery rating of 4.

The agency said the ratings reflect its expectation that the company will complete its proposed refinancing over the coming weeks, in accordance with the draft documentation the company has made available.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.