S&P rates Business Integration, loan B

S&P said it assigned B ratings to Business Integration Partners SpA and its €345 million of first-lien senior secured notes, with a 3 recovery rating indicating meaningful recovery prospects (50-70%; rounded estimate 50%) in default.

BIP completed a reverse merger, which resulted in the incorporation of Bach Bidco SpA into it in 2022.

“The ratings are unchanged when compared with our previous credit assessment of Bach Bidco as, in our view, the company's credit quality is the same. At the same time, we withdrew our B ratings on Bach Bidco and its debt, as Bach Bidco will not exist following the merger and debt has been transferred to BIP,” S&P said in a press release.

The outlook is stable. “The stable outlook indicates our expectation that BIP will continue to generate steady organic growth, based on secular market growth trends, an improved EBITDA base from acquisitions, and positive free operating cash flow (FOCF), supporting deleveraging toward 6x during 2023,” the agency said.

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