S&P gives B to Boing notes

Standard & Poor’s said it assigned its B long-term corporate credit rating to IMO Car Wash’s holding company Rose Holdco Ltd. (IMO). The outlook is stable.

At the same time, S&P assigned a B long-term issue rating to Boing Group Financing plc’s proposed €240 million senior secured notes. S&P has assigned a recovery rating of 4 to the notes, indicating an expectation of average (30%-50%) recovery prospects in the event of a payment default.

S&P said the rating on IMO reflects its assessments of the group’s “weak” business risk profile and “highly leveraged” financial risk profile. The combination of these assessments leads to an anchor selection of b or b- under S&P’s corporate criteria.

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