S&P affirms Apcoa Parking

S&P said it affirmed its B+ long-term corporate credit rating on Apcoa Parking Holdings GmbH. The outlook remains negative.

S&P also affirmed its B+ issue rating on the group's upsized €380 million senior secured term loan facility due 2024 and €35 million revolving credit facility (undrawn at transaction close) due 2023. The recovery rating on these facilities remains at 3, reflecting an expectation for meaningful (50%-70%, rounded estimate 60%) recovery prospects in the event of a payment default.

“We expect Apcoa’s deleveraging will be delayed following the planned €52 million dividend payment, of which €50 million will be used to cover a shareholder loan repayment at holding company level. The proposed transaction points to a more aggressive financial policy than we previously anticipated,” S&P said in a news release.

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