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S&P gives B to Pique Midco 2 loan
S&P said it assigned its B long-term issuer credit rating to Pique Midco 2 Sarl and a B issue rating, with a 3 recovery rating, to the group's proposed first-lien term loan.
The outlook is negative.
“The negative outlook reflects the risk of deleveraging delays mainly because Pique Midco 2 may pursue acquisitions that cause S&P Global Ratings-adjusted debt to EBITDA to exceed 7x or EBITDA interest coverage of less than 2x over the next 12 months,” S&P said in a news release.
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