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S&P gives B to Travelex notes, rates loan BB-
Standard & Poor's said it assigned its preliminary B long-term corporate credit rating to Travelex Holdings Ltd. The outlook is stable.
At the same time, S&P assigned a preliminary B long-term issue rating to Travelex's proposed £350 million five-year senior secured notes, in line with the corporate credit rating. The preliminary recovery rating on the notes is 4, indicating an expectation of average (30%-50%) recovery in the event of a payment default.
S&P also assigned a preliminary BB- long-term issue rating to the proposed undrawn £90 million super senior revolving credit facility. The preliminary recovery rating on the revolver is 1, indicating an expectation of very high (90%-100%) recovery.
The rating on Travelex reflects S&P's view of the company's "fair" business risk profile and its "highly leveraged" financial risk profile.
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