S&P upgrades Play

Standard & Poor’s said it raised to B+ from B its long-term corporate credit rating on Play Holdings 2 Sarl.

At the same time, S&P raised the issue rating on Play’s senior secured notes to B+ and the rating on the unsecured notes and payment-in-kind toggle notes to B-.

S&P said the upgrade follows the better-than-anticipated performance of Play in 2015, including subscriber growth of nearly 2 million to more than 14 million as of end-2015, which led to growth in subscriber market share of 25% and improvement in Play's subscriber mix, with contract subscribers increasing to 50%.

This has resulted in above-market average revenue and EBITDA growth and allowed the company to reduce leverage materially, the agency said.

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