S&P rates InRetail, notes BB+

S&P said it assigned BB+ ratings to InRetail Consumer and its planned $750 million of secured notes.

Proceeds will be used to refinance about $735 million of debt at the subsidiary level and for general corporate purposes.

The outlook is stable. The agency said it forecasts InRetail’s net debt to EBITDA will be near 3x in 2021 and drop towards 2.5x in 2022, while it posts solid cash flows despite expansionary capital expenditures (capex), reflected in free operating cash flow (FOCF) to debt of 8%-10% in 2021 and near 20% in 2022.

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