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S&P rates Morrisons notes BB-, B-
S&P said it preliminarily rated Market Bidco Finco plc’s £1.1 billion of senior secured notes due 2027 BB- with a 2 recovery rating (70%-90%; rounded estimate: 80%) and preliminarily gave a B- with a 6 recovery rating (0%) to its £1.2 billion of senior notes through Market Parent Finco plc. The £1.2 billion of senior notes have already been placed with an institutional investor.
The agency also assigned a B+ preliminary long-term issuer credit rating to Market Holdco 3 Ltd., the parent company of Market Bidco. The three companies are part of Clayton Dubilier & Rice’s leveraged buyout of Morrisons.
The outlook is stable.
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