S&P rates Shearer’s notes B

S&P said it assigned its B issue-level and 3 recovery ratings to Fiesta Purchaser Inc.'s (Shearer's Foods LLC) planned $500 million of senior secured notes due 2031. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery for the senior secured lenders in a hypothetical default.

The notes rank equally and are rated equally with the existing senior secured loan.

The notes are a part of the financing for Clayton, Dubilier & Rice LLC's previously announced acquisition of Shearer's Foods.

The outlook is stable.

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