S&P rates Verisure loan, notes B, notes CCC+

Standard & Poor’s said it revised the outlook on Verisure Holding AB to positive from stable.

The agency also said it affirmed the company’s B corporate credit rating, along with the B and CCC+ issue ratings on the company’s existing debt. The recovery ratings remain unchanged at 3 and 6, respectively.

S&P also said it assigned a B rating to Verisure’s proposed €1.3 billion term loan facility with euro and Swedish krona tranches, proposed €700 million senior secured notes and proposed €300 million revolving credit facility due 2022.

The agency also said it assigned a CCC+ issue rating to the proposed €700 million senior unsecured notes due 2023, to be issued by holding company Verisure Midholding AB.

The recovery rating on the senior secured debt is 3, reflecting 50% to 70% expected default recovery.

The recovery rating on the senior unsecured notes is 6, reflecting 0 to 10% expected default recovery.

The outlook revision reflects an expectation that Verisure’s operating performance will remain solid on the back of stronger projections for the company’s organic revenue growth and EBITDA in coming years, S&P said.

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