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Fitch: New Look notes B, CCC
Fitch Ratings said it affirmed New Look Retail Group Ltd.’s long-term issuer default rating at B- with stable outlook.
The agency also said it assigned final ratings of B with recovery ratings of RR3 to New Look Secured Issuer plc’s £1 billion senior secured notes due 2022, along with a CCC rating with RR6 recovery rating on New Look Senior Issuer plc’s 8% £200 million senior notes due 2023.
Following the completion of the acquisition of New Look Retail Group by investment holding Brait SE, the proceeds from the new bond issuance were applied to refinance all previous debt, Fitch said.
The ratings assigned reflect New Look’s ability to establish a long-term capital structure to support expected accelerated growth of the business under new ownership, the agency said.
The ratings also consider the company’s ability to optimize financing mix and costs, Fitch said.
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