S&P gives Heinz loans BB

Standard & Poor's said it assigned its BB issue-level rating to H.J. Heinz Co.'s proposed $12 billion senior secured credit facilities.

The recovery rating is 2, indicating expectation for substantial (70% to 90%) recovery for lenders in the event of a payment default.

"The ratings reflect our belief that following the completion of the buyout and recapitalization transaction as currently described, Heinz will have a materially weaker credit profile because of the increased debt," S&P credit analyst Bea Chiem said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.