S&P trims Bumble loans to B

S&P said it downgraded Buzz Finco LLC's (Bumble) senior secured debt ratings to B from B+ but affirmed the B issuer rating.

Bumble plans to raise a $200 million incremental term loan due 2027 to fund a shareholder distribution. The increased debt reduces the overall recovery prospects for the company's lenders, the agency said.

"We have revised our recovery rating on the company's senior secured debt to 3 from 2, indicating our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery, in the event of default," S&P said in a press release.

The outlook is stable.

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