S&P rates Iglo loan B+

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

At the same time, the agency said it assigned an issue rating of B+ and recovery rating of 3 to the new term loan I issued by Iglo Foods Midco Ltd. The recovery rating of 3 indicates an expectation of meaningful recovery prospects in the event of a payment default.

Finally, the agency said it assigned an issue rating of B+ and recovery rating of 3 to the proposed senior secured extended term loans F and G issued by Iglo Foods Midco.

S&P said the affirmation follows Iglo's issuance of term loan I and its use of proceeds to pay down some shareholder loans as part of its recapitalization plan. The agency said the affirmation reflects that Iglo's cash interest coverage will not weaken materially as a result of the recapitalization.

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