Fitch rates Surpique, loan CCC-

Fitch said it assigned Surpique Acquisition Ltd., an entity ultimately owned by South-Korean ecommerce group Coupang, Inc. and funds managed and/or advised by Greenoaks Capital Partners LLC, which acquired Farfetch Ltd.'s business, a CCC- issuer default rating.

The agency also affirmed its senior secured term loan rating at CCC- but revised the recovery rating to RR4 from RR3. The loan was borrowed by Farfetch US Holdings, Inc.

“Surpique's CCC- rating reflects its weak liquidity position as we believe the business it acquired is de-facto insolvent but assumes a one-notch uplift for its new strategic investor Coupang. We assume that Surpique's available liquidity may not be sufficient to cover business needs in the next 12 months. However, the uplift reflects our assumption of moderate strategic importance of the acquired assets for Coupang, committed equity support and potential further cash support to turn the business around once a new business plan has been developed,” the agency said in a press release.

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