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Fitch assigns BB+ to Morrisons notes
Fitch Ratings said it expects to rate Market Bidco Finco plc's £1.075 billion senior secured notes at BB+/RR2. The agency also assigned Market Parent Finco plc's £1.2 billion senior notes final ratings of B+/RR5 in line with generic approach for BB category issuers under Fitch's corporate recovery ratings and instrument ratings criteria.
Fitch also affirmed Market Holdco 3 Ltd.'s (Morrisons) BB- long-term issuer default rating of with a stable outlook, initially assigned on April 11.
“The IDR continues to be based on the current capital structure, while the priced £1.075 billion senior secured notes will refinance part of the bridge financing upon completion, following Morrisons' acquisition by funds managed by private equity company Clayton Dubilier & Rice (CD&R),” the agency said in a press release.
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