S&P lowers Refresco Group, rates loan BB-

S&P said it lowered its long-term corporate credit rating on Refresco Group NV to BB- from BB. The outlook is stable.

At the same time, S&P assigned a BB- issue rating to the proposed senior secured term loan facilities (comprising €1.3 billion and US$620 million). The recovery rating is 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate 50%) in the event of a payment default.

S&P said it will withdraw its issue ratings on the existing senior facilities once the proposed refinancing is complete.

“The downgrade reflects our revised S&P Global Ratings-adjusted leverage and interest coverage metrics for Refresco, following the company's agreement to buy the bottling activities of U.S.-based diversified beverage company Cott Corp.,” S&P said in a news release.

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