S&P rates Comdata SD

S&P said it assigned Comdata SpA an SD issuer rating and its senior secured debt facilities a D issue rating.

“The SD rating assigned to Comdata reflects the formalization of the agreement from all lenders on the restructuring process, which we expect will conclude soon,” S&P said in a press release.

The agency said it sees Comdata’s debt restructuring to convert a portion of the original €595 million senior secured facilities into quasi-equity instruments and, following the amalgamation of the revolving credit facility, this will effectively extend the maturity by a year.

“In our view, these events result in the lenders receiving less than the original promise, and as such we consider this a distressed exchange,” S&P said.

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