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S&P assigns B- to New Look Retail notes
Standard & Poor's said it assigned its preliminary B- long-term corporate credit rating to New Look Retail Group Ltd. The outlook is stable.
At the same time, S&P assigned a preliminary B- issue rating to the proposed £800 million fixed- and floating-rate secured notes to be issued by New Look Bondco I plc. The recovery rating on the secured notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.
The ratings on New Look primarily reflect S&P's view of the company's financial profile as "highly leveraged." The ratings also reflect New Look's "fair" business risk profile.
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