S&P gives B+ to Boparan notes

Standard & Poor’s said it affirmed its B+ long-term corporate credit rating on Boparan Holdings Ltd. The outlook is stable.

At the same time, S&P assigned a B+ issue rating to the proposed £800 million equivalent senior unsecured notes to be issued by Boparan Finance plc. S&P assigned a recovery rating of 4 to the proposed notes, indicating an expectation of average (30%-50%) recovery in the event of a payment default.

S&P said the affirmation reflects its view that the refinancing will not weaken Boparan’s debt protection metrics beyond the levels S&P assumes under its base case, and are therefore neutral to S&P’s assessment of Boparan’s financial risk profile.

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