S&P: Elli notes BB-, B+, B-

Standard & Poor's said it assigned its B- long-term corporate credit rating to Elli Investments Ltd., the parent company of Four Seasons Healthcare (Jersey) Holdings Ltd. The outlook is stable.

At the same time, the agency said it assigned its BB- issue rating to the £40 million super senior revolving credit facility issued by Elli Finance (UK) plc. The recovery rating is 1+, indicating an expectation of full recovery in the event of a payment default.

In addition, the agency said it assigned its B+ issue rating to the £350 million senior secured notes issued by Elli Finance (UK). The recovery rating on the senior secured notes is 1, indicating an expectation of very high recovery in the event of a payment default.

Finally, the agency said it assigned its B- issue rating to the £175 million senior unsecured notes issued by Elli Investments. The recovery rating on the senior unsecured notes is 4, indicating an expectation of average recovery in the event of a payment default.

The agency said the corporate credit rating reflects its view of Four Seasons' relatively aggressive capital structure following the leveraged buyout by private equity group Terra Firma.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.