S&P gives Victoria notes BB-

S&P said it assigned its BB- long-term issuer credit rating to Victoria plc. The outlook is stable.

The agency also assigned a BB- issue rating to the new €450 million senior secured notes issued by Victoria. The recovery rating is 3 (rounded estimate 65%).

“Victoria plc has strong relationships with retailers; good brand recognition; and can pass on raw material cost increases relatively easily,” S&P said in a news release.

“However, Victoria has a more focused product portfolio than its peers and is less geographically diverse.”

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