S&P rates Wagamama notes B-, loan B+

Standard & Poor's said it assigned its preliminary B- long-term corporate credit rating to Mabel Topco Ltd., the parent company of U.K.-based casual dining restaurant operator Wagamama Ltd.

The outlook is stable.

At the same time, the agency assigned its preliminary B- issue rating to the group's proposed £150 million senior secured notes. The preliminary recovery rating on these notes is 4, indicating an expectation of average (30%-50%) recovery prospects in the event of a payment default.

S&P also assigned a preliminary B+ long-term issue rating to the group's proposed £15 million super senior revolving credit facility. The preliminary recovery rating is 1, indicating an expectation of very high (90%-100%) recovery prospects in the event of a payment default.

S&P said the preliminary B- rating on Mabel Topco reflects its assessment of Wagamama's business risk profile as "weak" and its financial risk profile as "highly leveraged," as criteria define these terms.

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